Does anyone practice both and want to share how it works?

Hi Greg, well you can't practice until you hang it and I think its important to visit with at least a few options while you are taking your license and passing the test. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Having a separate reserve bank account is also good practice (but not necessary) since it will give you a better idea on how much fund is readily available for reinvesting or withdrawal. 

@Andrew Angerer if you are using a conventional lender you have zero control or decision with the appraisal.

Walk properties and practice what questions to ask, what problems to look for, etc. 

That said, I also do like the idea of being a bit more in control, being able to learn a bit more on my own, and using some leverage from the bank to invest.I am interested in renovating/managing properties if it makes sense to build up something. 

So again, we are using a business practice that works which is limited by how much it can scale, and that once again puts a hard cap on how many units we can run successfully and how passive this business can really be for us.

Will In theory bla bla bla, in practice the only time I've seen someone with the necessary supporting docs, she was a CPA and her boarder was her long-term (12+ months) boyfriend.

Make sure you understand local tenant law etc.The fact there is a property manager in place might save you some headache, maybe keep them 6 months to help you get control of the property.