I know that there is a plethora of forms on the internet and folks pass them around like candy, but truth is, the property management business involves a lot of legal issues and situations.

I disagree,  if you know how to manage your other debts best to buy sooner and get the asset

Your $600 should be over $1200 a month if you split up that $500K over (2) properties (Outside of California) you could double up on your NOI.The age old question is out of state management - my reply is if its turn key or renovated it will need very little management other than lawn and once in a blue moon repair.

Site selection, estimating/detailed budgeting, all labor/material/soft costs are an open book with no markup/GC fee, and i own all site management from groundbreaking to closing.- Total cost of these projects would range between $390k-$550K.

How do you manage those if you have?

Hey Josh I've worked with clients with an S-8 focus and I loop Brad in on the hand off they do a great job with the management side! 

Do property management companies need a real estate license? 

The LLC hires a Nevada management company to collect rents and provide maintenance.

House hacking will also give you some personal "property management" experience.

I have a tenant that I am self-managing.