Depending on how the boundaries of the unit and the Limited common elements, etc. are defined in the Condo docs you may own the sheet rocking, fixtures, interior wiring & plumbing, cabinetry, etc. within the unit. 

I understand that there are many more factors at play here, however, I believe that realistic goals are important and I am looking to validate  this broad stroke aspiration by asking more experienced real estate investors to weight in on this hypothetical.I am deeply appreciative of any feedback you might be willing to share with me.  

If you want to have a lot of direct control over your investments and want to be in the know about the day to day operations then self-management can be a better fit.Painting with a broad brush here, you can expect PM services to range between 6-12% of the monthly rent amount, varying widely based on a number of factors.

That is a really broad question. 

How did you go about defining your roles?

You would have to follow a formal legal process (defined by your state laws).

Approx. 1.5x the amount in your checking and savings account : ) This is an incredibly broad question because you are asking about an entire state. 

This is pretty broad I found as my Berwyn property qualified, and it is a nicer property.

You will want to define your goals for RE investing.

One thing you might find as you get deeper into various asset groups and with time/accumulation is that you don't necessarily have to wait for broad market crashes to find attractive opportunities.There can be groups or individual securities that are depressed while the remainder of the market is steaming upward at full speed.