@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

Also, this would only remove the mortgage debt itself from your DTI if it was to work; you would still be hit with a liability for the annual taxes, insurance, and HOA fees (but also receive the benefit of the rental income).

Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.

.- You will have to come out of pocket for the arears, fees etc, just to get into "contract" some times $20k or more and all you have as protection is the word of someone who's proven to be unreliable and a signed piece of paper... 

A follow up question I now have would be do you think its smarter to completely pay off the first property before buying a new property or to keep going out and buying new properties once i have enough saved up for the down payment along with extra fees?

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

I heard there's an $800 franchise fee yearly.Thank you. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

We need to close in 1 week and worst case I may need to buy all cash and refi to a different lender losing my property inspection fee the lender charged.Is this a townhouse or condo?

Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon.