So as a newbie on short term rentals I would probably manage the Property initially less then full potential.

@Michael Plaks I edited my initial response.

I can see exactly which tenants have scheduled payments, which have initiated a payment, and when payments are expected to hit my bank account.

I'm trying to figure out what are the trade-offs of hiring a property management firm vs just doing the initial work myself.

I’m looking to start my rental property investment in Austin, specifically in a SFR initially.

If initial hours finding and acquiring and possibly rehabbing is anywhere from 10-100 hours depending on how much work is involved let’s say each deal needs 50 hours of ‘work’ on the front end.

You now have the $20K in renos back in cash as well as your initial $20K down payment. 

If you're going to make a substantial amount of money from selling a business, it's generally a good idea to pay for a consulting session with your tax advisor to hear about what your mitigation options are and come up with a plan.What you're asking about is just one option out of many, and it isn't always feasible (or enjoyable for your spouse).

Take your contract with you to initial meeting and get the seller to sign.

Take your contract with you to initial meeting and get the seller to sign.