If you're going to work with contractors, collect rent from tenants, or try to bed the hot chick at the bar, you better learn to recognize warning signs and get out early. 

And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

Also, in general, I wouldn't solely rely on a single source, rather: 1) collect feedback from various sources, 2) decide which components are the most critical for you personally, 3) weigh in on the pros and cons, 4) speak with all of the operators to add to the list of pros and cons, 5) and only then make an informed decision. 

The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

@Rickie LattimoreGive up 95% of the equity - oversee the properties and collect a management fee.

I actually collected the differential of 7% interest on the $50,000 note (this was an interest only note - not amortized) for 18 years!.

In a few of the states there is either a form. you must sign or an application that your escrow closer must file in order to exempt from any state taxes or withholdings that might normally be collected at sale . 

For example:Current rental unit: you collect $2500 in rent.

If so, then I would return the portion of the security deposit to the one leaving and collect that same amount from the one staying. 

Build 2 or 3, get them running, collect some cash-flow, and see how the business goes.