We're intending to buy our first deal this year and plan on having a PM from the get go, just factored into the cost of doing business. 

There are a lot of factors that make an area ideal for multifamily investing: low unemployment rates, low crime, increasing rent prices, low purchase prices, high tenant demand, and more.

As far as not being great with tools, you can always pay someone to do anything but you just have to factor that into your numbers.

The determining factor for maximum benefit to you is whether the plan aligns with your situation and goals.   

How quickly you find tenants will depend on multiple factors; how nice is your place, how nice is the area, and the time of the year.

So, the land very well could be worth not much at all depending on some of those factors.

As long as the tenant screening is strong, your turnovers would be minimal (not factoring in life altering event). 

Seems like you haven't factored in maintenance, cap ex, lawn care, property management, or vacancy. 50% Rule says $1,800 in expenses additional to your mortgage payment.

Each apartment I own is a biz in of itself and the pm company (now a vertically integrated asset/property/construction management firm) is 80 employees strong with 200 million in assets under management.My passive/cash flow streams wouldn't be anywhere close to where they are today without first focusing on business income.All the best on your journey!

@Vin Ochoa - I think the market is not the most relevant factor.