And someone jumping into this as a complete newbie can expect that they have a decent chance of making some expensive newbie mistakes.

Expect rates to be higher with CLTV capped at 70%. 

- Trying to meet the unrealistic expectations of newbie investors is tough/impossible for even the best PMCs!

I'm ready to pay 10-20% and fully expect lenders to want some control over the rehab.

So, I would expect to lose 3 months rent maybe more.

Don't expect Jack and Jill homeowner to seller finance for you. 

@Adam RossRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

  $200/month divides into the $100K initial negative equals 500 months to recover the initial negative equity.Let's double the cash flow to $400/month.  250 months to recover the initial negative equity so over 20 years.Let's reduce the negative equity position to $50K (which likely is less realistic than expecting $400/month cash flow at that rent point), you are at over 10 years to recover the initial equity position.Now let's do it with all cash, no financing.The 50% rule state $900/month cash flow.  900 * 12/200K = $5.4% or about half of lifetime return of S&P 500, or what can almost be achieved with a zero work, zero risk CD.I see no way that someone who understands the numbers will call this a good investment.Note just because an investment is better than most other investments in a market does not imply something is a good investment. 

(It sounds like you might have done that already) If you have a realtor in that market maybe ask them what the comps are for your unit to make sure it's not higher than you expect.

in 3  one broke even and 2 or perking along as expected.