@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you expect further growth, holding onto the property could still make sense.Final ThoughtsSelling isn’t a bad option, but you’re giving up an incredible financing advantage.

I expect I will make mistakes in this deal so it is a nice small one which will keep my mistakes small as well!

For a tenant who has only lived there for a year, the expectations for normal wear and tear are lower.

Expect to pay a slightly higher rate and make a larger down payment than what you see on lender's websites with regard to their rates, points and LTVs.

You should expect to pay about 2.5% of the loan amount, when you do refinance. 

Expect a higher rent rate, but also higher turnover and longer vacancies.I've rented to dozens of traveling nurses and would say about 50% of them were nuts.

@Nathan NoorlunRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Since I undertake a number of projects with passive partners who maintain ownership interest in the LLC, I often have to negotiate this with the banks ahead of time as I customarily solely guarantee the debt and that's my LP's expectation.

Additionally, I expect applicants to follow instructions in the advertisement and application, to make and keep appointments, to show up on time for appointments, dress and behave appropriately at appointments, and in general demonstrate throughout the process that they are someone that is easy and pleasant to do business with.