I would also highly recommend you educate yourself on New York State tenant/landlord law, especially if you plan on self-managing.

In fact my former employer who owned and managed a portfolio that exceeded $1B utilized an asset protection system more simplified than what you propose.

Because buying, rehabbing and managing my own properties gave me a certain expertise over time that made it an obvious choice to do so with a focus on working with other investors to help them do what I was already doing for myself.

They are responsible for the day-to-day operations of the property, including property management, asset management, and project management.

We manage over 55 properties in Hollywood.

A crappy property manager can blow a great investment in any market. 

I have questions: was the padsplit net income worth the time management and effort?

If you are new, how are you going to handle management of either a flip or tenants in a C-/D neighborhood.

Long story short, we have gone through 2 pms and I think I am ready to just self-manage. 

Its more hassle and management on your end and the tenant's may feel aggrieved if for example 1 tenant is obviously using more of the utilities. 2.