We self manage from across the country.

Our kids were older when we started so the properties aren't throwing off the kind of cash flow we'd hope for to significantly help with college funding.Anyway, my husband is a stay at home dad and uses his flexible schedule to self manage our properties.  

Financials need to show sufficient cash flow, paying obligations in priority, financing, taxes, insurance, investor's principal contribution, operational expenses then allowances for maintenance and vacancy.  

@James EllisHave you looked into opening a self-directed IRA or, if you are self-employed a self-directed solo 401k?

This is a B- area of town.I will remove the water utility from the projections, I do plan to self manage for at least the first couple years but want it to still make sense if I used a property manager in the future.

You can self manage the property because you are right there looking and seeing everything.  

If you are talking about short term capital gains or self employment tax or anything related to flipping a property you really need to consult a CPA.

@William Allen You will want to look at an LLC taxed as an S-Corp to minimize your self-employment tax liability.

I would also say waiting patiently for the day I can be self employed.

But please don't confuse my "ADD" as impatience...I've never wanted to be "stuck in rut" as I feel it's detrimental to your well-being and places self-limits on your potential.