I personally invest here for both the cash flow and appreciation.

@Kristen DolotinaYES 100% a service like that existsSpeaking from experienceI had an out of state investor purchase a duplex in Texas & after closing the PM company handled the applications, screenings, placement of tenants for a 1 months rent fee.MY SUGGESTION:Google a local Real Estate Brokerage and call that number and just ask the person at the front desk (who answers the phone) who their recommendation is for a PM company and why.

Personally, I would also be more inclined to work on a market where you have fewer rentals available. 

From personal experience, my first property was a HML that I met here in BP that help me start the journey. 

23 years is a long way off, but I know a person with a hangar they are tearing down to build new in effort to keep their land lease.  

They focus more on the property's income potential rather than personal finances meaning no DTIs, less paperwork, and more underwriting flexibility.

I know many love to bleed all over the floor for a person who can't afford to buy a home, but it's no different than arguing to help a person buy a suburban when they have the $ for a Gremlin.

Planning to discover it this summer in person.

All that said let's say you are able to subdivide, I personally would if I knew going into it that I was building a rental/investment property.

Split the proceeds based on what each person put in.