I've worked with several investors out of more expensive markets - CA, NY, etc - who find our prices much more attainable than buying in their own backyard and so therefore, I'd say your exit strategy would include getting your FOR SALE properties in front of out of town buyers.

Then 10 years into it, my cash flow was up to $30K/year, including covering several thousand a year in small nuisance repairs.

I’ve recently received quotes from proper and I will say they include a lot that my local guy didn’t.

What is included with the monthly management fee?

I will also assume that you have some reserves to cover issues, etc.There is no cheaper source of money than a conventional home loan (not including friend/family loans). 

NONOPayment Calculation Years 1-30 Principal & InterestMortgage InsuranceEstimated EscrowAmount can increase over timeEstimated Total Monthly PaymentEstimated Taxes, Insurance & AssessmentsAmount can increase over time See page 4 for detailsCosts at Closing Closing CostsCash to CloseCLOSING DISCLOSURE$836.31++--$836.31This estimate includes In escrow?

Talked to the Loan officer late yesterday afternoon and indeed they include 3 points on top of closing.

Essentially, you want the property to pay for itself, including the mortgage.

Assuming that you're accounting for ALL expenses including vacancy, maintenance, CapEx, insurance, etc., then that is still a low return from the cash flow side of things. 

Take a photo of him with your phone to include in the letter.