Manager must have experience in this size .

We were just starting to build a management company and saw a lot of this over a sample size of about 300 properties and a bunch of different owners. 

One book I just read was entitled something like "How to Buy and Sell apartment buildings and it good stories about buying and selling middle-sized apartment buildings (around 100 units) and Partnerships.The Partnership he liked then was called "Tenants in Common'  where you could still control the investment and how you could keep control of a property and have a part of it with 1% and have separate agreements with each partner's participation. 

PenFed is your best bet, and if you don't qualify by military connections, you can qualify by joining a military support organization (through a small donation)

In the same world (maybe a different city or maybe a slightly nicer part of town), another person is putting up a similar place in terms of age, size, condition, etc for $1600/mo and uses $160 as the allotment.This is quite a different amount of money for two properties that may require similar maintenance costs.I do it quite differently on my properties and am always looking to understand everyones point of view ... 

This nets out much cheaper than buying a similarly sized 3/2 Single Family home and offers nice flexibility with the extra 1/1 unit for an additional renter, STR, or more privacy when family is visiting! 

House hacking something with a separate living space is probably your best bet. 

not a realtor, but i am curious. in markets already overly saturated with realtors, why would you want to spread yourself so thin. pick and area and be the best and most active realtor for that area, then increase the size of the area as you become known.  

I agree this deal doesn't sound so great as an investment, but if you really want it - your best bet is to just go 203K.

There I have tenants that signed renewals this year of 2-3 years, after already being in their homes 3 and 5 years respectively.Property management is such a critical part of the long term success of your investment, and truly projections are not one size fits all.