I should note this would be my first property so I want to manage it myself and get the positive exposure from the tenant search to fixing things etc etc.  

Anything permanent there seems an exposure unless the short term returns are massive.One example: @40 years ago my wife's husband moved down to Houston, from OH, to work for Kroger foods.

Not sure what I'll get in return, but it's a one time expense that will give me exposure for years.

Get a CMA/BPO and let the agent present it to the tenant, with math and reason, you both know the price is fair, the process is done correctly, there is no legal exposure etc. 

I'm looking to optimize our tax exposure.

I'd like to ride shotgun to get as much exposure to all aspects of the process as I can.But I'm an ardent believer in adding value to relationships and doing everything you can as an individual to set yourself up for success.

For them, it was not intentional.Other people can knowingly purchase negative cash-flowing properties if it gives exposure to rapid price appreciation in a hot area or an area that is on the path of progress.Personally I'd happily buy properties and be negative each month if they are in areas where there are major developments coming up in the near and whose funding have been secured by the promoters.

I agree with much of what was said in the responses above, I believe leveraging ROTH is a great idea to limit your tax exposure in the future, additionally I have become aware that you can self direct an HSA in the same manner as a Roth, this could be a great way to allow you the benefits of the Roth but allow you to pull out before retirement age due to health issues if needed with no penalties. 

This is my understanding of how this all works.When you get an umbrella policy, the pricing is based on your exposure so they will ask you how many cars, boats, rent properties, motor cycles, etc you have. 

IE loans of the short term nature.. you can many times invest as little as 5k.. and that would get you in the game with low exposure.. just do your home work make sure you like the asset and the company ...