I am with @Brian Ploszay on this @Johann Jells- You know how very difficult it is in our state to get someone out when they are in. 

However, we figure since we are purchasing a duplex near the college, it shouldn't be difficult for the management company to maintain a steady flow of tenants.

It is difficult to give up STR money for long term and long termed renters might get on your nerves if the walls are thin or they like to BBQ often with pot or beer. 

@Timothy Hall finding financing isnt that difficult if you have 20-25% down, good credit and your getting conventional financing. the first thing I would do is make sure you know what a good deal in your area is and analize a lot of properties.

What if I use my money to pay off the remaining balance on the seller's mortgage to buy the house outright?

I'd like to have enough money coming in so I can be more selective with the architecture jobs I take on and have a bit more balance in life.

Sometimes they can, and sometimes they can't, and it's really difficult to go back.

Problems I forsee outsourcing:I would find it difficult for a bookkeeper to know which properties to expense repairs for unless they already know my system. 

I suspect there are still some heavy discounts in subprime areas or small balance very rural type markets.. but your not going to get big discounts in markets that are quite firm like west coast etc.. ( unless very rural)...

It seems a little difficult at first when I have no idea how much to expect in repairs, vacancy rate, property management costs etc.