Also, the benefit for me is that when I'm in Texas working on my self storage items, I could stay there (and my son loves the pool). 

You’ll find plenty of friendly, knowledgeable people willing to respond to your posts.I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alertsThere are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

It isn't for everyone, people who don't know what they are doing can get in trouble and may get taken by an experienced realtor but with the license you are essentially an agent for your self only. 

For vacancy most of my clients average around 3% if you self manage and start marketing the unit 2 months before a tenant leaves.

I want to create an LLC syndicate to purchase a residential property, and want to allow Self-Directed IRA participants looking for alternative investments.

I want to create an LLC syndicate to purchase a residential property, and want to allow Self-Directed IRA participants looking for alternative investments.

The strata seems to be well managed and there is a good sized contingency reserve fund of ~$300k available.2) With the property being vacant I should be able to get market rents for it of around $2700 per month, but I do know that will be low increased over the years.3) I have started looking at other markets, but since this is my first and there would be tons of learnings from self managing my first rental I would like to stick to buying in my town.4) I have factor PM fee in and it would leave me with a smaller cashflow or at the least it would be breakeven.

Mobile home parks, however, are equal to self storage as the best investment I ever made.

This self-torture is not recommended.To make it more complicated still, other factors may come into play such as prior suspended losses from this property or other investments or maybe (albeit not very likely) the net investment income tax surcharge.

Although I'm not investing in the 2 markets you mention, we do have several properties that range from the coast of NC to the Mountains of NC to California and we self manage all of them so have experience with long distance STRs.