Short answer - if it were me I would self manage and I would have tenants cover utilities. 

Luxery rentals in exclusive resort areas, where short-term renters typically drive up in a Lamborghini and wearing enough diamonds to blind a person v. 3/2/2 brick on slab in a subdivision rented to a blue-collar Joe. 

It was a 130K short sale purchase with 25% down payment but I did some renovations and we got it at a good price so I had some added equity at closing. 

I expect my rental income to cover mortgage payments of course, but I can also cover things as needed by pulling out or borrowing against my stock investments - so losing my active income source isn't a huge concern for me.

Also, I'm not sure how much equity you think you will have in these properties on the short term.

The links below have a good short list of books to get you going and start narrowing in on your specific interests/strategy. 

Yes my friend you "provided" the AC unit ....at least that's what the tenant will rightfully say.....and when it needs continous repairs.....somehow the tenant will seem to think you are responsible.And let's remember if the tenant hurts them selves while installing the unit, .....that you provided.....on your property.....or.......somehow they cause an electrical short......you know who will be held responsible.She of course may tell you verbally she only wants to fix the unit and not use it....but if she won't use it, why is she fixing it up?   

These costs should be discrete in my mind because they are CapEx, and not OpEx and will be incurred in a relatively short period of time after purchase, and are non recurring (over the short and mid terms).  

People have short memories and think stuff like that will never happen again......personally I would never buy in those areas unless I'm flipping it and moving on.....no way would I buy a long term buy and hold there.I just sold my property in Kingwood.....flooded all around the neighborhood but not near my property...it was a stressful 2 weeks..... really don't want to do that again....dodged a big bullet with no flood insurance and I'm not counting on dodging mother nature again

The only places i have carpet are both sets of stairs, 3 bedrooms, and a short walkway between the two bedrooms.