When I say you could 'potentially' save money, it all depends on what you're doing and what you do for income - a universal truth is that you're trading time for money with PM and remember it goes BOTH ways so if you're saving money by not using a PM (again, nothing wrong with that) expect to spend a lot more time on ensuring your rental is running property likewise, if you're hiring a PM expect to have a lot more time on your hands to pursue other investments and focus on making more $$$. 

Check with a CPA to ensure it'll check the right IRS boxes too.Many/most banks will not allow the mortgage loan originator to also be the Realtor very specifically to prevent these types of games.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.

Analyzing appropriately will ensure you make the best possible investment.

Note, I'm not an attorney and none of it is a legal advice.3) Discuss with your chosen attorney various "what if clauses" (Things like, what if someone decides to leave, die, becomes incapacitated, and so forth. ) Ideally you'd want to cover as many of these in the OA as possible.4) Outsource bookkeeping to ensure there's full transparency and no questions raised about it. 5) Take action! 

Having multiple ways to bring in deals is key and then systemizing that so it is repeatable will ensure success.

Definitely ensure your posted rent is in line with comps in your area.  

You want to ensure it is tenant proof.

I'm trying to figure out how to cut down on this time frame in order to ensure a new tenant doesn't experience any major issues after they've moved in.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.