Generally, out of state owners have property managers and other ways of managing that makes it extremely difficult to meet material participation requirements.

I've already hired a full-service management team who will provide turn-key management. 

I'm significantly ramping up my lending activities for 2020 and looking for a good software package to manage and automate as much as possible.

I will be closing on an investment property this month and I wanted to know if it would be best to self-manage or to higher a property management company.. 

I would suggest finding Vacasa and Evolve managed properties in your market with bad reviews.

Purchase price: $310,000 Cash invested: $350,000 This was a full rehab 6 unit multifamily building.Our firm did everything from locating and acquiring the project, to managing construction, and then finished up by leasing out all 6 units for a premium rent.We used a construction loan to secure the property and do the rehab. 12 month term which we were able to do construction and lease out all units before taking out the original loan with a permanent commercial loan.

Fellow Hampton Roads landlord & property manager here. 

At the same time, educate yourself on how to manage the property well (most investors miss this critical step).

To manage risks, keep some cash saved, spread out your investments, and keep up with market moves.Good luck!

I'd like to diversify my real estate portfolio and get involved in syndications so I can put less money down in some real estate projects.