I have started a PM company in Baltimore MD and I am acquiring units quickly.

I own the house I live in, but my wife still makes me pay the rent :) So I am now looking to acquire some houses or preferably smaller apartment buildings where tenants are paying me.

While local investors and larger equity players compete to acquire aspects in their respective spheres, debt capital has also become more abundant and competitive.

I initially started with a belief that we could form a REIT but after a few Google searches it seemed like the regulations to acquire this structure did not seem attainable.

As we get closer to to acquiring our first property, we were wondering at what point should we attempt to look for a PM? 

As you acquire more debt, in this case real estate being good debt, versus credit card debt (revolving), which is bad debt, you just need to be open and honest in the interviews and there won't be any issues. 

You can definitely acquire the property and get help as you need it

What are some of the things newbies should avoid(besides not paying 20%) when acquiring their first property? 

Hello Michael,When did you acquire the land? 

If you don't have the funds outside of your accounts to acquire real estate, perhaps you could make a loan to yourself or something?