Don't forget your capital expenditures.

You can reduce recurring costs and grow your business nationally and not have to learn every single new market by leveraging inspectors, appraisers and Realtors, they'd only be paid on a transactional basis so capital expenditures would be directly tied to how much revenue you generate. 

I do not know how much capital I would have, though I would like to acquire at least $10,000-$15,000 in cash for my FHA 203k loan, as well as having an emergency fund for minor repairs, capital expenditures, vacancy, and so on.

Additionally not inspecting or accounting for bigger ticket expenditures like (HVAC, flooring, roof, plumbing, electrical, foundation, and appliances) will reduce your profits the fastest.

@Brandon Turner has recently been saying a lot about the 80/20 rule in effort expenditure: 20% of your work produces 80% of the value.

Due to extensive capital expenditures and repairs, the property is almost brand new and seldom has maintenance issues.

Management decisions that count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and similar decisions.Example.Mike, a single taxpayer, had the following income and loss during the tax year:Salary $42,300Dividends 300Interest 1,400Rental loss (4,000)The rental loss came from a house Mike owned.

@Haider ZamanProperty Manager Job Purpose: Maintains property rentals by advertising and filling vacancies; negotiating and enforcing leases; maintaining and securing premises.Property Manager Job Duties:Establishes rental rate by surveying local rental rates; calculating overhead costs, depreciation, taxes, and profit goals.Attracts tenants by advertising vacancies; obtaining referrals from current tenants; explaining advantages of location and services; showing units.Contracts with tenants by negotiating leases; collecting security deposit.Accomplishes financial objectives by collecting rents; paying bills; forecasting requirements; preparing an annual budget; scheduling expenditures; analyzing variances; initiating corrective action.Maintains property by investigating and resolving tenant complaints; enforcing rules of occupancy; inspecting vacant units and completing repairs; planning renovations; contracting with landscaping and snow removal servicesMaintains building systems by contracting for maintenance services; supervising repairs.Secures property by contracting with security patrol service; installing and maintaining security devices; establishing and enforcing precautionary policies and procedures; responding to emergencies.Enforces occupancy policies and procedures by confronting violators.Prepares reports by collecting, analyzing, and summarizing data and trends.Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.Accomplishes organization goals by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.

If you intend to hold for 3 or 5 or even 7 years, then you are probably overestimating your likely capital expenditures by a significant amount.  

Then add in what the local vacancy rate is say 8% then maybe 10 or 15% for repairs, and at least 5% for capital expenditures.