Have a PM that takes any warm body and turns tenants every 12-18 months and it eats profit real fast....ANY PM you choose.... you need specifics on how they work..... own repair crew or just farm it out..... how they handle cost of repairs.....how often do they inspect...evictions..... how good do they track and report your income and expenses etc.Personally if you have one unit within an hour, you should probably handle this yourself..... once you get it set up, its not much work at all..... get your "go to" companies for repairs lined up, so if something comes up, you make a call and move on with your day.

Wanting to have my cake and eat it too, rather than sucking anything up, was a big part of why I made the switch.

that would eat up a whole bunch of NOI.  

For example, to pay for an attorney familiar with syndication and SEC rules, you have to pay him/her $10,000 to $20,000 to get you the PPM, subscription agreements, etc.The legal and other costs - like if you charge investors an acquisition fee, a rehab management fee, etc - these costs will eat up a bigger portion of your cashflow and profit in a smaller deal vs. if it's spread across a bigger deal (100 units) giving your investors a lower return.The best route is not syndication but get 1-2 investors who can put up all the cash while you do all the work. 

Further, it would cost you 4 weeks of vacancy to move the tenant out, freshen up, and find a new tenant meaning you eat a month's vacancy.By keeping the tenant, you avoid that cost. 

If you're talking about investing out of your area, the low priced market may eat your lunch...

I would also be careful to make sure the HOA fees are not going to eat up all of your cashflow. 

I'd rather eat a little cost up front than be stuck with a bad tenant.

Eats your profit alive. 

But rehab eats up time, and our supply of that is rapidly diminishing.