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.  

Personally, I self manage but have built systems to allow it to be fully remote and very passive.

I have to admit the idea of OOS investing is a little intimidating for my first property, but your encouragement might be just what I needed to get over that self-limiting belief. 

There's no sense of self awareness.

If you're not using Hard Money and the property won't qualify for conventional financing, then you'd probably need to locate private money or if you have friends with IRAs, they can be self-directed to invest in real estate.

With expiration, there is a maximum CAP for the area so new license applications would be subject to a wait list.

If you are making money flipping, your own project managers, brokerage, etc. you should be able to self fund a few per year also.

I was also considering the REI expo in February so maybe I'll see you there.You're a self-proclaimed novice but I think many other members of the community would agree that you're well on your way given your potential cashflowing rental and equity.You seem to have a strong position which would allow you to keep growing your portfolio in the next few years.I'd recommend diversifying your RE portfolio the same way you're diversifying with other investments (REITs, Stocks, bonds etc.).

Quote from @Dave Chengoue: Quote from @Wale Lawal: @Dave ChengoueIt's great to see your focus on multifamily properties and your clear plan for self-management.

We live in San Diego so would be long-distance, TBD if we self-manage or enlist a PM.