Oklahoma City agent and property manager here.

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

The LLC structure gives more control to manage the tenants if I remember correctly.  

I’m a local real estate investor, broker and property manager in Biloxi!

Give them 1098 and property management reports (if you aren't self managed) and that should be all they need.

We listed on Apartments.com for their management tools (saw it recommended in a thread on here).

Make sure you manage this well in the future!

No managing your own 2 properties is not property management experience.

If you can manage 80% LTV you can cash out refi with Fannie Mae with better rates.

G'Day Matt,You can only do so much with online research.IMO the online stats and demographics often times don't paint the correct picture.This especially tends to be the case for tertiary markets.Finding folks on the ground that "live and breath" the market is your key to success.Those folks on the ground are the one's that bring the "online stats and demographics" to life per se.They will know more accurately what's going on in their local market pretty much on a daily basis.I've always said that you can research online and find a market that has the best growth and cashflow potential.Find a property for a great price and on a great street and in a great area.But if your property manager or contractor are incompetent or cheats.You will loose money.So start with finding the right people first before finding the right market or deal.Just my opinion.Thanks