Question: does anyone know if there are Fannie/Freddie, FHA or VA rules that require a forced air system to be ducted to all parts of the house?

Just be aware that some states require yearly fees and/or taxes for LLCs (with California being the worst), and you'll either have to find someone in any state you're not located to be your registered agent or hire one.

Too expensive to hire for 'clean up'.

Newer furnace, new central air, roof in good condition.  

only 1 in 25 should result in a deal.7 to 8 mailings 3 to 4 weeks apart.They are sellers not buyers.Screen using pat live or another service, or learn how to hire a virtual assistant.

Walking in the front door is a great way to see if you want to go into business with them or not.   20 Questions To Ask Before You Hire A Property Manager  

If you sit through enough of the CIREIA meetings that are only available to paying members of your club, you'll start to get a good feel for who is knowledgable and experienced vs. who is full of hot air and pipe dreams.  

You can likely hire someone to do the showings and draw up the lease without having them manage the property.Don't lower the rent, though.  

Since this is a numbers game, the only way you can answer the question is to do the following:Establish a relationship w/ a realtor winning to run some comparables for you showing the potential value if you convert from a 2 flat to a singleIf the values are not significantly hire than your mortgage then hold on to it as a 2 flatIf the values are significantly hire than your mortgage then get some estimates for converting from a 2 flat to a single.  

If I had to pay an extra 1-2k to have it taken care of by a PM (which I will hire anyway since I don't want to manage the property myself - I'll be a first time landlord) I would rather go that route.Any advice / tips / feedback would be greatly appreciated.