It's good risk management to have the 30-year mortgage and the flexibility in case your rents ever go down, or you have a really large capital expense (e.g. you have to replace an entire HVAC system).Lastly, seek out a portfolio lender (a.k.a. balance sheet lender).  

The bank/lender will ask for all the financials on the property, check the income verse expenses, and many different aspects regarding the building a the project income and the historical treads in the area of the deal.You will not have to provide pay stubs, credit checks, employment checks, debt ratios, or anything the banks do while looking at a SFR deal.

Most think of that classification as upper-middle class, median price range and above for both home and income of the resident.  

On-site or part-time, someone has to do it and get paid while doing it. 5% PM fee is pretty standard for large properties (100+ units) and, yes, 30-units may end up with 8% PM fee and no "official" payroll but the expense is there in some form nevertheless.

Crunch those numbers after analyzing all expenses and what you can get from rent to make sure that you will be cash flowing no matter what or at least breaking even. 

5 years in the rental business is close to zero years for analysing a properties expenses.

Good writeup @John Mathewson@Zachary Foust I usually don't recommend becoming an agent first because of the time and expense, and because people usually use it an excuse not to start investing.  

It is a 8 unit with the 2 lower front apartments are the garage..As far as income for the building to cover expenses..

All expenses and gains flow based on ownership percentages. 

Sending out my second mailing on all my probate leads (just finalized yesterday), and I'll keep at it, but due to budgeting I might have to stick with postcards straight through instead of using some other slightly more expensive pieces.As far as working as a traditional agent that's where I'm putting a lot of energy at the moment and will continue to.