I'm buying all cash, no loan.

A rental, bought all cash, is going to cash flow and let you learn the ropes and make some mistakes without being overly burdened financially.  

Not local to the Cincinnati area, but I've done a good amount of work for people there!

Can I just increase the rent to some unrealistic amount (there's no rent control in my state)?

Purchase price: $135,000 Cash invested: $40,000 I purchased this farm as a place to park out tiny house on wheels & to be able to rent out the house on the property to have a cash-flowing primary residence ;) What made you interested in investing in this type of deal?

They can come to the table with cash to make up the difference.

The multi-family properties I have been able to snag are due to some decent amount of work needed (negligent owners), not TLC.

That can happen if you buy a home that needs a little TLC or renovations and after the upgrade the new ARV might put you at that 85% LTV or lower, possibly even be able to take cash out.As a first time home owner you can use FHA 3.5% down or Fannie Mae 3% down (single family).

As for a PM managing you can just block the time you want that is how it is usually done. however some PMs want a certain amount of prime time available or they don't want to manage it.

one thing that always worries me about those deals.. is the lender can at their sole discretion stop funding the project and make the owners cash them out .. so there is that risk too..