She's not the only friend I have who is in a similar position - financially stuck because they chose majors they loved, versus majors with employment opportunities.  

I have an opportunity to move to Austin with my employer and need to make a decision on whether to continue self-managing my rentals or hire a property management company.

What is your long term employment like? 

Rest assure you can hire live in domestic help and terminate without eviction process in Cali.thanks,MattMatt:  How do you suggest someone take advantage of this "full protection by law" you are claiming employers of live-in help have.  

I agree with someone earlier, you have to remember who your talking about, Dave Ramsey is really more geared for a 'regular' employed person with no cash flowing business,,,,not someone that is a professional real estate investor that knows how to make money with debt.If I followed Ramsey's model I would own 1 house, all cash,,and cash flow about $800 a month,,,I own 5 properties with debt and cash flow about $2750 a month,,,which do you think is better (and have over 25% equity in each of them)

That will cover the timely paid rent.I assume you already run their credit and it checked out fine, so just make sure you also verify employment and ask their employer if they will rent to these tenants if they were landlords.Good luck!

I know several that employ that strategy.  

I agree with Karen Margrave and Joel OwensFor my rental properties I have (almost) completely gone to Allure in the living/dining/ common areas and a reasonable qualtity residential carpet in the bedrooms.

For instance, I replace my high traffic area carpet with allure flooring to minimize my long term cost.

,Consider downloading my "2013 Housing Market Forecast" to supplement your spreadsheet.Having a higher average rent relative to the average property value is good but only one part of the bigger picture.You want to consider the health of the local economy (jobs and job growth, employment trends, migration in and out, etc.)Next you want to consider the neighborhood, and finally a close look at the property itself in terms of cash flow, cash-on-cash return, and total ROI.I bought some property in specific parts of Detroit in early 2004 when things were looking 'up' for the city.