Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

Cash flow is after assuming 15% repair and capital expenses and 5% vacancy expenses. 

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

I understand why it is extremely expensive down there too.

another expensive area ;-)The DMV has more 2-4 families, so I checked out a few.

These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc).

I used one frequently discussed in BP, TERRIBLE AND EXPENSIVE.

Cash flow often being reinvested into property expenses, which can make it challenging to rely on alone.

High demand and still relatively low entry costs. 

Duplexes are cheaper to rent and expenses are becoming difficult for the average tenant.