With that said, would he lower his pay from you if you found yourself upside down in a house? 

We were Airbnb our home in Los Angeles until the city guidelines shut us down and had to rent it out for a long term rental.

It gives you a false feeling of success, but really slows you down.

I believe in the beginning you should manage yourself not only because it puts more money in your pocket but because further down the line when you want to be more passive and hire PM, you'll have an idea if they are doing a good job or not because you have done it yourself. 

I think i need 7 million to close on this property but I need gather financing for the closing and down payment. 

I am currently looking at buying a new construction home as a long term rental property. sales price $214000. first my lender told me I can do 0 down. and I am really excited about this deal. but later he told me that am not qualified for 0 down because of my income. the other option is that I can do fha with 3.5% down, 6.125% interest rate. cash to close is $14000. my monthly payment is around $1575-$1590.it can at least rent for $1700 as a long term rental property.

I happened to have the cash to pay down the balances so my credit scores went back up and I refinance into a 30 year loan, got the majority of my cash out of the property except for ~$6K, and paid back the cards and such.

If the same person is willing to cut it down for free in exchange for the wood, I'd let them do it.

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

Before you use the toilet pull down your Huggies Big Boy Diaper.