Not sure how anyone starting out can break in without being rich or cash heavy.

Couple, he's a post-doc (low income, but verified 6 mos rent in savings).

Self-Management:Pros: Saves money, offers control, and builds tenant relationships.Cons: Time-consuming, stressful, and needs expertise.Hiring a Property Manager:Pros: Saves time, provides professional expertise, and market insights.Cons: Costs money, less control, and finding a good manager can be tough.What about you?

Even if he has negotiated lower rates with vendors, I would expect him to pass that savings onto the investor and not pocket the difference.  

Save any communication.

The problem I'm having is my low cash balance for the moment.

Depends on what you consider a "great" rental....are you looking for appreciation, cash flow, a mix of both?

The best option right now is a cash-out refinance, but if you're sitting on a low rate it may be counterintuitive. 

Purchase price: $690,000 Cash invested: $35,000 Contributors: Daniel McDonald After years of research and a few months of searching, I finally house hacked a two-family in Peabody!

Purchase price: $60,000 Sale price: $70,000 We assigned our property interest to a cash buyer, stemming from a bandit sign lead.