It's a very hands-on strategy, and the position of "BRRRR quarterback" just doesn't exist - that's you. 

Been a landlord since my late twenties or so.I have several million in property and couple or so million in equity in them.

I've been in Real Estate since '87 so I like to invest in what I know but outside of my company, in my personal portfolio I have about 20% outside of Real Estate assets in other types of debt instruments, private equity, and a bit in the traditional stock market. 

Do not give them a percentage of equity. 

Research local development plans, job markets, and any upcoming infrastructure improvements that might positively impact property values.Verify the terms of the existing lease on the rented side.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

A positive cash flow indicates the property generates more income than expenses, while a negative cash flow means the property operates at a loss.

My strategy is to keep it for long term and create equity.

it goes without saying that you never want to be in this position again - raising rents is a must in the future. 

With that said, a lot of management companies that are larger are constantly churning through what is essentially an entry level position, and I doubt there are that many folks checking the random person who goes just over 2 years before getting licensed.