Your property management company will at least have the expenses of creating the company (I would strongly recommend creating an entity), bookkeeping, tax preparation and the 401k plan setup and management fees.

So, create status codes for both of these and a few in-between codes to help you work smarter, not harder.Which answers the “how” and is a very workable plan.

You'll need to plan to pay it off within ~10 years, too.

I suppose you could work out a plan with the tenants to do a more gradual increase of the rent rather than doing it all at once to be more income-friendly and to allow them to attempt to budget for the increase but you may also risk losing them anyway. 

It's an excellent place for both new and seasoned investors to gather, network, and delve deeper into specific investing topics or strategies.If you plan to use private or hard money, the barrier of entry is a bit tougher for new investors.

It's great to hear about your real estate investment journey and your plans to expand in Houston.

The amount of the gain exclusion when the house is sold will likely be impacted, I recommend your family member speak with a CPA when they plan to sell just in case their fact pattern has changed. 

I still have my first investment property from 2015 and plan to keep for many more years. 

What is your final plan for the property (rent the units / sell)?

Love your plan and why behind what you are wanting to do @Stacy Reese!