Are you a self starter?

Not sure if you have plans to self manage or not but if you message me I could put you in contact with them.

What are the pros and cons of hiring a property management company as opposed to self-manage the property?

You should always include PM in your analysis even if you plan to self manage.  

I have a good idea of my requirements for approving applicants, which I was already going to give to a prospective PM.

.,  I like self analytical approach you're taking. 

Do most of your applicants have pets and do your competitors provide fences?

So my question is can I act as the landlord and manage the property my self although my parents are the actual owners, and use the cash flow to buy my next deal and get free landlord experience at the same time? 

I will be self managing this as my first investment to gain experience.

And that's if you don't also get tagged with self employment.