Using your example, you sell Mon for your $155K and have a contract on a new home for $100K two weeks after this one sold.

The standard rule is $250k per person who legally owns/occupies for the 2/5 year requirement. 

I don't necessarily need the standard features of pm software, such as rent collection, bookkeeping and maintenance requests, though that could help; but do need a clearinghouse of important information, such as leases, legal docs and other information; maintenance vendors I use; maintenance history; and some kind of tracking system, where I can record the various current projects I'm working on within the business.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

For legal, we can provide you a list of attorneys out there who do this and my recommendation is to interview them to see which one you feel works best for you.

I know he has some contracting information that looks to be very informative.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Additionally, tenant issues and legal complexities around eviction can make management more difficult.

For example, I am under contract on a property $75K in NOI for exactly $1M.

Luke - after a year of searching I found a property that i'm under contract on and feel pretty good about.