You are fixing something that is not broken.

We would get the one set of tenants out, then go in and fix/clean/paint/carpet the property, screen new tenants and place them, only to have to repeat the whole process over and over again.

We use property management, largely because we've been overseas for 16 years, and the PM handles marketing, collection of rents, property maintenance, and tenant screening. 

Their meetings/conferences, like many association meetings I attend, are a bit frustrating, but their forms, hotline, and screening service are well worth the small membership fee.

Where will you get the money to pay for the inevitable broken water heater, special asessment, unit turnover, new roof, vacancies etc.I am also curious to know what a $40K condo looks like in Santa Fe.  

With-out a dent or broken glass your subs won't take you serious.

That's exactly what I did when I was in your situation...I would 100% do it again...Things I did well-Found one that was a for sale by owner that needed some work - gave me a lot of rehab experience-Fixed rental side first then lived in and worked on my side-Use Postlets and Craiglist plus yard sign to advertise vacancy-Change my voicemail message to explain all details of property = saved me many calls explaining the same thing.Things I would do differently-Read the tenant screening book on this site first -Always do open houses instead of individual appointments-Ask people to bring their dogs if you allow to appointments-The location of house was great for all things in my life; but would consider moving sooner to have multiple duplexes with owner occupied financing

Roof leak, backed up plumbing, dangerous situation like broken window or exposed electrical....it gets fixed asap.  

You have a screen your notes, borrowers, etc. 3. 

Do you just want someone who is handy that can fix some of the problems that will arise or are you looking for someone who will list the property, screen the tenants, etc.