Then it can be a time consuming and sometimes painful process to learn construction.  

Yes, prices are relatively inexpensive here, but we still feel the pain of prices being on the high end right now.

. - You really need not be concerned about any number of limits for loans (4, 10 or otherwise)... as you'll find that once you start nearing those "limits", they will either magically disappear as the lender changes their rule / makes an exception to keep your business, or you encounter other lenders that have no such limits.

@Ashley B.I feel your pain.  

If you've been dissatisfied with property managers in the past, what were your biggest pain points? 

I do feel your pain and do not minimize it. 

I work with clients in these situations quite often - it can be pretty painful to learn these things the hard way.This is not legal advice, just my opinion as a real estate investor.

The other factor is do you have sufficient resources and "toughness" to weather some short term pain - getting rid of problem tenants - then it's a GO!

I don't know any, hopefully I can build a relationship with one before the lot disappears!

I’ve owned both and have found renting out condos a major pain, largely because of HOAs in my case.