I am a licensed local property manager in the greater Asheville NC area and looking to  locate PM's in the area who may be looking to retire from the business and sell their book of business. 

That is definitely your best bet... they will help you connect with a property manager, attorney, and contractor if needed.

With Fidelity you can also invest in their Zero Funds which don't charge management fees.

Things like this can be relatively low cost low risk propositions if managed well but can set your units apart from others who don't offer these things.

We are going to have a property manager and projected cash flow is good.   

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Property Manager assigned.Moving out of state, not willing to sell the property right now.In addition to renters insurance and landlord insurance, which direction should I go as far as protecting myself?

2) Would you hire a management company?

Also, do you happen to know of any property management companies in our area that specialize in mid-term rentals?

My business partner and I have spent the last 15 years fine tuning our property management business for single-family and small multi family investors.