@James Moen below are important points to know about self managing:Cross-reference Rabbu and Airdna to get an idea of what property can potentially earn, shooting for at least a 20% cash on cash returnResearch properties near yours on Airbnb to figure out what amenities sell and what you can add to stand outHire a professional photographerImplement a pricing tool like Wheelhouse, Pricelabs, or Beyond Pricing.

I have a friend who is setting up a self directed IRA. 

So husband and I are very much IN the business (37 doors and 1 self-storage unit) we self-manage and don't have systems or delegations in place WHATSOEVER. 

By any chance, is this some backdoor self-eviction strategy due to you finding out they had a baby?

I think you could do better in your market (Raleigh) with a residential MF (duplex to quad) because it would have similar appreciation, have better cash flow, you would still be able to leverage all of the advantages of you being local (self manage if desired, able to know the market, be able to perform heroics if necessary).As for cash flow, I consistently argue that I value it less than value add and appreciation and this is why: Value add and appreciation allow me to extract my investment to leverage it quicker than cash flow would allow. 

My tenants support my small business and I support my business owners and commissioned or self employed tenants when possible.

Closing on the property happens, then shortly thereafter he/she has life changes, or whatever, and wants to leave their W-2 job and go to self employed or something other than full time W-2.

So my partner has a tenant in her flat, she also self manages the apartment herself.

The rent raises they feared are self-fulfilling, immediately.   

This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts