Since I work a very specific niche (mobile homes), there are things I can do to help make things more cost effective. :) 

Are you a self starter?

Not sure if you have plans to self manage or not but if you message me I could put you in contact with them.

What are the pros and cons of hiring a property management company as opposed to self-manage the property?

To me, that means a unit is in a good location, renters find the area desirable, and I am able to manage and maintain the product cost-effectively.

My initial plan was to give it to a PM and let it ride, but getting the reviews I am more inclined to self manage.

.,  I like self analytical approach you're taking. 

So my question is can I act as the landlord and manage the property my self although my parents are the actual owners, and use the cash flow to buy my next deal and get free landlord experience at the same time? 

Although one plumber I called flat out said it's really not effective- since it cannot tell you where the leak is.

This will eventually have some cooling effect on the housing market.