I think many can be easily overcome like finding an attorney and contractors in the area, but the most interesting challenge I can think of is how to hire someone to deliver late payment notices one day a month.

My husband doesn't sway easily, but when he did the research and the math, it was a no brainer. 

That could be appealing to some investors who just want out quickly and easily.  

That can easily become financial suicide. 

Basically I think what you are asking here would be easily provided by a better software solution chose by the PM, and I would question now other business decisions made by the PM.If you are looking for more than just what you indicated here I would eitherr direct you to self manage or hire a limited service PM. 

Make sure it is somewhere easily accessible that doesn’t require any tools to turn off.  

I did see one course in the Virginia court database where a Landlord represented themselves and it looks like they got a favorable judgement easily. 

Very easily found with a Google Image search.  

It requires less money for a down payment and you can easily convert it to a rental in a short period of time. 

@George Bell my LLC's do two main things:1) Hide my identity, so tenants can't easily find me. 2) Separate my business and personal assets, income & expenses, not so much for tax purposes, but to avoid IRS issues.-- Just audited by IRS this summer for first time ever and had no issues!