Doe the builder use any project Managemnet software with scheduling tool and budget that you can review online in realtime?

Also, I didn't see any mention of capital expenditures/repairs & maintenance so don't forget about budgeting for those. 

I'd budget 12-15% combined with repairs.I bet you can get management for closer to 8% on a 16-unit property.Insurance looks very low for a property you expect to be worth $500k.What about water/sewer?

And you've budgeted $2,500 in monthly income. 

What is your budget?

What is the adequate way to budget to minor repairs?

I don’t have a very high budget and I’m looking for my first property (not necessarily in AZ but it would be nice).

Now seeing as we wanted lakefront, our choices were limited due to our budget.

With that project we’d have a bigger budget of around 450k to work with.

Honestly given your lack of experience and if your limited budget I would not suggest going out of state.