Now that I have more knowledge, I should be able to easily beat that ROI.I've tried to account for the expenses of purchasing new properties.

Based on my limited but very positive experience I am recommending the pm be Janice KemmerBuying a property off mls and turning it into a top producing rental takes a lot expense, risk, and work.

With mortgage and expenses around $800.

Its not expensive and helps a lot in standing out.I agree with Peter, start cheap with a great bargain and get half a dozen five star reviews.  

Make a fixed asset account for each property and sub accounts for the purchase price and expenses.

I am thinking about doing this to save on expenses and learn the process when I am fully working with GC's in the future.

Let's say that they are generating $15k each month, net of all expenses.

Hi I'm Joseph Woodman30 years old with two girls (5 & 3) and a boy on the way.I'm in the red hot (read: expensive) Northern Colorado market, but just had my mind opened to out of state investing. 

The benefits of house-hacking are largely that you can take advantage of advantageous loan options while your tenants pay your living expenses.

You should set aside some money to cover HELOC payments (or paydown when it reaches too high an interest %) and the new property's expenses to cover months of missed rental income.