This way, we can get some property management and home ownership experience in our first property and once we feel we have a handle on the one property, we can add another and another.  

However, a few expense items are missing or underestimated:Vacancy: I suggest an amount equal to 1 month's rent per year [$1300].Repairs and Maintenance and CapEx: For a $90K house (and without knowing the age of the house or it's major systems), I'd propose more like 1 month's rent to be safe [$1300].Management: Even if you plan to do this yourself, there is going to be a cost in time and money to address late payments, handle repairs, renew leases, etc.

I'll be responsible for handling leases, renting - everything that I'm doing now!

I believe this would be best, because even with the ability (if you have the margins in the numbers), you can get a PM to manage the property out in California and stop by the residence whenever you feel like it.The ability to check up on your property 3,000 miles away is much harder, and if you need to reinterview other property management companies because the one you have out there is not cutting it, it would cost a lot more to handle that predicament. 

At any rate, He handles "regular" transactions but also has his own portfolio of investments so is one of those who understand and could help.

They are middle aged women and can handle this on their own.

I will handle all the demo and some smaller bonus projects myself too.

The easiest way to handle this is go to  a title company that has an attorney that can write up your contract for you.

You can always ask around for referrals, or just call your local title companies and ask them if they can handle doing subject-to's.

If it doesn't affect my bottom line or vision for the overall project I will frequently defer to them and say things like "you are the expert - how would you handle this?"