If you have not run your own business beyond real estate before, I strongly recommend that you get in touch with SCORE (Service Corp of Retired Executives) at www.score.org.They are a free resource (part of SBA) that will help you to evaluate the financials of the company you're looking at buying, build a business plan and to understand what you're getting into. 

I would recommend against paying all cash for an investment property, or to investing ALL your capital in a single deal. 

What recommendations do you have? 

Any recommendations? 

Do you have any reviews/recommendations on property management companies in Kent County. 

Can anyone out there recommend an AttorneyIn the Syracuse-Utica area that is experienced in the purchase of a SFH thathas a Reverse Mortgage that is also upside down (Short Pay) ?  

It's definitely recommended to have separate accounts.

You can learn by reading some books or wait until life hits you with a problem and then try to solve it.I recommend you buy "Every Landlord's Legal Guide" by NOLO.

I would recommend raising it incrementally throughout the years in order to avoid the shock to the tenants system of raising it in one big chunk.If you choose to not raise your rents throughout the years, it will also put you at a serious disadvantage when you are looking to sell because now you have a long term tenant paying below market rent.  

At this point, I'd recommend studying your competition (what are they offering that you're not?)