@Dwight HenningRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

A PM offers so many additional services in addition to things you cannot do yourself - like simply having a 3rd party between you and the tenant.

If they’re underfunded, you could get hit with special assessments.Not sure about the exact contract with the tenants, but I assume if there is any additional assessment, it would be tenants’ responsibility.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space? 

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Have you and your wife considered exploring fully turnkey properties as an option?

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

@Kevin Connauton most PMCs won't touch this type of renting due to all the additional headaches and liability.We second contacting PadSplit.

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

@Cole DobbsIn addition, I may be able to help you and connect you with some key real estate investor players in the Houston, Texas market since I am an Investor myself that have done most of these real estate investing strategies and also an investor-broker who has helped over 400 investors like you.