I have a 20 unit with a management company in South Bend, IN, and I am constantly surprised at how much less effective bad management companies can be.

I've discovered that:They only work with industrial and/or retail (and seem curious/surprised why I'm investigating apartments)They are the listing agents for properties in the area (it is a sellers market where I live).Being a first time investor, I'd like to have a trusted professional in my corner; using a listing agent (at least to me) represents a conflict of interest.Should I be cold calling firms outside of my immediate locale, such as major cities nearby (or national)? 

The existing tenants stayed and they have been great.

I am most amused by the envy of people (non tenants), but not surprised... 

Does the location stay the same?

Also, I'm surprised that you consider IRR irrelevant in RE.

What might need to learn how to raise money and form Partnerships where you stay in control. 

Best bet is to just use hard money unless you can stay put for 6 months.

@Stephen Herbert Way to stay positive.

If you want to owner finance then stay away from laymen of anyone only looking for a primary residence to call home.