Wait until you have to do an eviction (and you will), and you have to collect on their late payments, deal with the letters to your tenants, court filings, court time, etc......and as @Ralph R. pointed out, by doing your own PM, you are restricting your opportunities by limiting your geographical area to  distance from you. ...and, I have a hard time believing  you can't increase your income by more than $16k/month to cover that cost your PM costs. 

My argument to that is that it limits them geographically on where they can invest.

We're starting to get top placement for about a half dozen search terms targeted mostly by geographic area, and with some more work we should be able to diversify our standings for more and more terms.

But really, as long as the agreement states all the important information (buyer, seller, county, state, legal description--especially important, parcel # if there is no address, sales price and terms, closing date and conditions, etc), you can write one yourself.

Post 3-4 pictures on a craigslist with a basic description of the unit.

At this point, I cringe when a realtor puts "Cash flowing" into the description when even if its brought to market rents, its in the red after expenses lol.

What works for flipping as a structure holds in most places, but geographically how it gets done can be wholly different.

We are very interested in purchasing this property from you.Give us a call today xxx-xxx-xxxx and we will make you our highest and best cash offer the offer price will depend on several characteristics such as access to utilities, buildability, paced roads, slopping, back taxes owed, HOA dues etc.They included a parcel number and the legal description.  

After getting halfway into it, I was told it was only for purchases 750K or more - not really good for me or the geographic I was looking at. 

Knowing what all of you know now, would you start with a large home (think 6 bedroom) and a pool (400-550K and would be a stretch for us) which could bring 40-60k a year based on what I've been seeing down there, or would you start smaller on a learning model, say a 2 bedroom in historic Wilmington that is up for sale at 119K that the description says has brought in over 14K so far this year doing AirBnB?