Whatever gives you the most control and financial gain vs personal risk is the way to go in my opinion. 

I will not be using property management (primary residence) but I am keeping it in the expenses in case I decide to use PM later on.Purchase Price: $470,0003.5% FHA- $16,4503 units (no rent control)Rental income: $3500 (actual) / $3800 (projected)Monthly P&I, incl. property tax: $2,825.10Total monthly expenses including vacancy, management, capex, etc. - $3,416.77Pro Forma Cap Rate: 6.06%Purchase Cap Rate: 6.15% 

Is this the best route if we don't have any actual "cash" to put into this venture at the moment?

Now I am getting into private lending/joint venturing.

I'm now living in Korea and I recently purchased a SFR with Joint Venture partners I met through BP. 

Entry into any form of building consisting of rooms, apartment, and inside of the building need to be controlled in such a manner that it provides access to only those who have approval.

I am really excited to start this venture and building a business.

When you lose control of who you rent to this business will go to hell.

When they select for the non-compliant landlords they end up hastening the decay they claimed to want to control.

I'm a control freak on my deals when it comes to escrow and closing.