@Joseph Hammel,It is your rental business so it is up to you who manages your properties and how much you pay, but I would suggest that you discuss this strategy with your CPA to ensure that you are fully understand all the numbers. 

LO's are my favorite slow exit strategy and have been for a long time. 

I work with many investors here on the coast with multiple strategies(long term rentals, short term rentals, flips, Brrrr deals).

No person may have a lien under this section except those lienors specified in it, as their designations are defined in s. 713.01.(2)(a) All lienors under this section, except laborers, as a prerequisite to perfecting a lien under this chapter and recording a claim of lien, must serve a notice on the owner setting forth the lienor’s name and address, a description sufficient for identification of the real property, and the nature of the services or materials furnished or to be furnished.

It seems like you are doing rentals, which is much safer than strategies like flips/BRRRRs - paying off your rental would lose out of a lot of equity you can tap into.

Richmond is a wonderful place for real estate investing, with its expanding economy, variety of neighborhoods, and affordable property prices compared to bigger cities.If you want to further your real estate investment journey in Richmond, it's important to stay informed about market trends, connect with fellow investors, analyze properties thoroughly, consider various financing options, diversify your portfolio, manage your properties effectively, and stay well-informed about real estate investment strategies.

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I’d first suggest figuring out what your goals/strategy is.

I cover Indianapolis and the surrounding ~30 miles and have clients doing both strategies.

Sellers motivation shouldn't factor in what you can afford, thats a bonus if they will negotiate, but your numbers have to make sense to you and work out for multiple exit strategies (str, ltr, sell etc)Running the purchase numbers is pretty straightforward, use almost any online mortgage calculator, make sure you know taxes and insurance (taxes will go up a bit if it is currently owner occupied and you don't plan to live in it) Once you know your mortgage amount then start looking at other STR's in the same area and same size/amenities and see what they are getting per night and how many nights a month they are rented to calculate what you MAY be able to get.