Hi Jasmine-Congratulations on being ready to turn your primary residence into a rental.Your question is should you use a property manager or self-manage your property.If there is enough positive cashflow or you can afford to pay a property manager, I always recommend doing so for the following reasons:1.

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

If no one but owner-occupants can STR... then that should mean opportunity for owner-occupants who STR their primary residences in many jurisdictions.- Large remodels or construction projects (Live in Flip) can be self-managed, worked on directly, and the value add, after 2 years, is largely tax free up to certain limits. - Many areas around the country allow for ADU Construction - house-hackers enjoy similar benefits to remodeling projects by being naturally on-site for ADU construction. 

There are also other ways to use money from an IRA without tax penalties such as for a primary residence or medical expense. just know what you're getting into and the best ways to avoid the tax.

Investment Info:Single-family residence other investment.

-Primary Residence. 

Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work).

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

Quote from @Guillermo Perez: Can someone please let me know if this is ok for my first BRRRR.I got a $200k HELOC on my primary residence to help fund my first BRRRR.