What seems to be a huge hurdle for a seller who is unfamiliar with the eviction process is a piece of cake for an experienced landlord.  

Then after all of that, if appreciation works out in your favor then that is just a bonus or the icing on top of the cake. 

Me, I think appreciation is speculation and should only be the icing on the cake.

I want my first purchase to be close so that I can self-manage and gain as much knowledge as I can (profit would obviously be icing on the cake).

@Terry DunlapHey Terry,I'm certainly no expert, and others can chime in here, but I think you'll find most REI's invest for cash flow first with appreciation just being icing on the cake since it's never guaranteed.

The icing on the cake is the property management company will then buy the homes and now they have rentals to make even more money off of. 

How can I have my cake and eat it tooWhat would you do in this situation. 

Over time, future appreciation improves the profit on the property your tenants are buying for you and that profit is taxed at a favorable long term capital gains tax rate (think really great IRR) or the taxes can be deferred indefinitely with a 1031 exchange (why pay taxes if you don't have to).Tax benefits and appreciation are really just the icing on the cake; cash flow is the only real reason to own rental property.  

I’d say the latter is the better cash flow play anyway and appreciation is icing on the cake.             3.

This house has been a piece a of cake.