I have a large lump sum saved in an investment account for down-payment and any additional costs.

(I'm not including expected appreciation in my ROI numbers, I'm just treating that as a bonus). 

A PM offers so many additional services in addition to things you cannot do yourself - like simply having a 3rd party between you and the tenant.

We will have lots of renovations and additions to do over the years, so I'm worried that it will be hard to save up for more rental properties.Any suggestions?

Just be sure to clarify that she isn’t a leaseholder but is authorized to reside in the unit.If you’re concerned about liability or want more peace of mind, you could ask the primary applicant for additional security, such as a higher deposit, depending on what’s allowed under Colorado law. 

In addition we do not accept any applications for longer move in than the remainder of the current month and the next month (so if tenant is unable to move in by march 1, they cannot apply until feb 1 as we are unwilling to go longer than that without rent and will hold another open house).S8 needs to streamline their process if they want to increase their housing options.Best wishes

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

And if still in Spain, how long until it's in US and is shipping additional or is price landed? 

FHA now allows us to count rental income from an ADU (additional dwelling unit) to help borrowers qualify.

In trying to be more helpful, I came up with two additional ideas:1.