This isn't including other expenses I know but I was planning to self manage the property and hope rates continue to go down so I could refi in the future and gain more margin in rental income.After further analysis and speaking with a friend thats a real estate agent I may want to shift my original plan and sell it.

If you need to ‘snap  increase”  then by a large margin… give your tenants extra notice and just advise them that due to significant increases in expenses we must make some pretty major increases to our rents , but I’m giving you ample notice to either prepare for this change or to plan to find a new living situation.  

It's definitely gotten really popular over the past few years and some people have built very successful businesses off of it, but if you aren't looking to do that full time then I would recommend buying a property instead as your margins will be far better and you have more options to get out of it if the market or your rentals go south.

I agree that leveraging your primary residence with a HELOC to buy investment properties with tight margins is a great way to lose your house.

Mid-term Rentals and Small Investors: Investors focused on mid-term rentals may be able to capitalize on reduced transaction costs, especially in markets where margins are tighter.

(i.e. if the tenant moves out, the property could be converted to a long term residential rental or STR with enough margin for you to hang on to the property until selling makes sense)Keep us updated on what you decide!

BIG margins

Well I had to tell a landlord ,  that a 2x4 cost me the same if I am working on a $50K house or a $900K house , my expenses do not change , neither does my profit margin .

I'm located in the Southern California area...Orange county to be exact.I would love to see a copy of financial statements from someone in the industry, so I can simply see a example of what type of expenses & margins I can expect.. 

Because the PMC industry is low margin, you need efficiencies to actually be profitable.Good luck!