I do not recommend self managing.

Here's the huge benefit to passive income from rentals- It's not subject to self employment tax like your flip income is. 

I know there are some incentives to using a self-directed IRA, but I am not interested.

@Kelly Wiedower I self-manage :)  If you have a good housekeeper and a good handyman, it's really easy to do (thank you, internet!)

Should I adjust the CAP to reflect that In my due dIlIgence or is it normal for these smaller buildings (whIch I assume is self-managed) to not include a management fee in the CAP rate?

Personally, if I had sufficient reserves and there was enough cushion in the deal to allow for a rent drop, I'd feel comfortable using my home equity as a downpayment. 

I plan to self manage, but ran the numbers as I were hiring out the management.

If you have a self-directed IRA you could utilize those funds or you can joint venture with an experienced note investor. 

@Nick DiecidueYes a self-directed IRA can be invested in vacant land but you can't use it for personal use. 

We have the guests self check in, and we do not provide housekeeping during their stay.