We were wondering if we just needed an invoice, and payment tracking.

I have also used 123Landlord.com and it does not satisfy anything more than keeping track of rent income and expenses.

My favorite is tracking down owners of vacant homes.

Easier for reporting and keeping track of your finance IMO.  

Census Bureau.The vacancy rate on single-family rentals fell to 7.3% in the second quarter, down from 10% in the fourth quarter of 2008, according to the bureau.Here's what you need to know about making money in the rental market.The Traditional RouteMany investors become landlords on their own.Millions of the single-family homes occupied by renters are owned by investors who have just one such rental property, estimates Jade Rahmani, who tracks the single-family rental market as an analyst at Keefe, Bruyette & Woods, an investment bank based in New York.There are many benefits to going the traditional route.

Does it sound like we're on a reasonable track here?

@Evan Gorczynski no you are on the right track there!

I know the relationship with a PM can be important and vital for successful REI and given our lack of experience, it would be helpful to rely on their experience and wisdom to help us get off on the right track. 

Househacking a nice condo or townhome could be a great option if the numbers work out.Knowing your budget will also help you narrow down the areas of Metro Phoenix that would work best for you.All types of properties have appreciated in our market, including townhomes and condos.Speaking to a lender who works with investors will be the short track to knowing what you are looking for.

Also we inspect every six months, check for leaks etc. as well as talk to the tenant during the inspection to see if they are having any issues and did not put in a repair order.Sometimes during the inspection, they might mention small things (a closet door came off a track) etc.