My plan B is to exchange into one larger complex so I could grow my own on-site mgr.  

I strongly dislike the continued pressure of HomeAway to be in control of property for which they have contributed nothing and want to position myself with data and system independent of them but one which is compatible with HomeAway and is inexpensive. 

Fee structure and operational complexity really depends on the size of the project (# of tenants), complexity of leases (expense reimbursements.e tc) and  needs of ownership (REIT accounting requirements, frequency of reporting, leasing?

Buy an apartment complex.

The goal is for him to slowly replenish the complex with more quality tenants.

We use a newer cell carrier and pay $40 month for the both of us on smart phone plans (unlimited text/data).

We replace the lists with fresh data every 6 months and keep on rolling...But there are special groups like expired listings or tax liens or divorce that we might just hit once or twice near the event and not necessarily continue mailing to them.Also, think about how DIRECT MAIL fits into your larger marketing strategy - we also like OUTDOOR (billboards, bandits, etc.) and ONLINE (AdWords).  

I have my own dedicated server in a data center. 

For those of you with a buy & hold strategy and aren't afraid of MFRs, considering the below data, would you move forward with this opportunity or not?

You did this when you piled on the complexities of another child and renting your current house out - which to me is when you should be working 10X as hard to ensure that this situation doesn't cause you more stress.As for the lead time for documents.