Wholesaling is normally the beginning then a person goes into another aspect like buy and hold. 

It consist of 4 one bedroom units and 1 twoBedroom unit.

You need reserves to hold properties.Your area market vacancy is relevant to cash flow assumptions but not to reserves or holding costs.Consider these aspects;Tenant has a crack party and they get busted and the health department shuts you downFire damage, you don't get an insurance claim paid the next day, I never did.

Much of smooth property management is really about having consistent policies and good systems. 

It's the absolute most important thing that can drive your profitability; whether you are marketing yourself by social networking, direct mail, on-line presence, mass exposure etc. it's imperative to creating consistent deals.Once you get the leads follow up.And just a general response to the "only take advice from someone in the business more than 20 years" - I would personally revise that to say "only take advice from someone his is where you want to be".

I hadn't really looked at it from the "competition" aspect.

Welcome to BP community @Laura Erhardt  It is a great place to meet new friends and learn about various aspects of real estate and more.Wishing you the best! 

Have I not addressed enough here about buying notes, the hoops, the collateral issues, foreclosures, due diligence, marketing aspects together with RE comments?

Welcome to BP community @Santiago Araujo  It is a great place to meet new friends and learn about various aspects of real estate and more.

Unless you use a property management company that handles every aspect of your buy and hold property (truly manages it), then you are self-employed.