Are you looking for someone to do full-scale remodels/flips, or more just someone on call to do any necessary maintenance and repairs that come up?

Much more tax and compliance work, but benefits with scale.

Its ok (sort of) if you're looking at large trends in markets but thats about it.

Which makes sense if you have three large apartment complexes, because they each represent a large sum of equity and risk exposure.Be sure you run a responsible business, maintain your properties well and make sure they are code compliant, get good insurance and an umbrella policy on top.

You can see in just a few years how the VA property can easily be a bigger boost to your net worth than the Memphis properties.Now realize that even with a PM the scaling of the number of units implies more work and effort.  3 units is unlikely not to be more work than 1 unit (assuming similar asset class - Class not lower than C+; I only recommend expert in slums try the D+ and below rental units).I would not choose the historically low appreciation markets but if I did it would only be for MF+.  100 units at $200/month cash flow can be significant even if the cash flow only increases at the rate of inflation; this likely provides a very nice life but probably not financial freedom especially if you are living in San Diego.  500 units with that cash flow most people would have financial freedom. 

She has plenty of cash on hand and large dividend-paying stock accounts and is willing to put down a higher deposit.

So, I’m looking at a large house in my local area that has 5 units with 5 separate electricity meters.

I am not large enough (16 SFRs) to self insure because I need some degree of coverage for catastrophic events. 

Those with experience in these rentals, what type of colleges (large\small, private vs public) and/or towns have you had the best experience?

Not only do you have a university in Wolfville, but you have a large demographic of retirees selling their city homes and moving to the valley.