Even if you plan on self managing it is wise to include PM in your calculations.  

This is for conventional, conforming loan. the kind that gives you 30 years fixed rate, in this case buying a triplex. this will be applicable to 2-4 units clarified residential.

We owned an OOS property (Gulf Shores, Alabama) that got hit by 2 hurricanes in a short duration of time so it does happen.The primary reasons that I am a big proponent of investing local are 1) the learning opportunity that comes with self managing a property. 

Jeff,If you have Checkbook IRA, that means that you have a custodial self-directed IRA which made investment into single member LLC of which you are the manager and your IRA is the member. 

The website allows the applicant to access the application through our website, upload their application docs (proof of income, copy of ID, etc) through the portal, and pay through the portal as well.

At the very least you need to include capex, vacancy, regular maintenance, payments, taxes, insurance, and management costs (its smart to include these even if you self manage since you might want to turn it over to a manger at some point).  

Sorry for the obvious ignorance, but I'm interested in note investing and have only done a little self-education.

There are great services out there that assist in marketing your property, creating online applications and screening your tenants for you. 

I'm having an attorney review them and my rental application for compliance in my state.

One is for me one is for my self directed ROTH IRA.