Start with the end in mind --- what would be the investor's exit strategy for this home? 

The document is pretty explicit with contingencies should anything go sideways along the way though so this helped a lot to keep everyone on task. we've built rapport at this point since we've been in constant communication from when we started but in the beginning, it was a lot of trust in the document.

This will be the best platform to educate yourself on investment strategies.

The only reason you’d consider a 1031 is if you have more than $250k in gains (if single) or $500k in gains (if married.).

My name's Cody, I have been listening to the podcast for years, and I've read all the books.

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Nothing more, Nothing less!

If you're serious about this, it's probably time to reach out to an attorney for more nuanced advice.Thanks for the reply Dominic.

The sale of our home will provide us with approximately $150,000 to allocate toward investments.At this stage, we feel most comfortable focusing on long-term rentals.

As I read your post, the reoccurring theme that came up was a screening problem.