We snapped up a small Cape Cod last year for 140K, the listing did not mention that it was on four acres of farmland with pastures and a barn, we rehabbed and resold it for 395K, made 75K on the deal.

I'm currently working a full-time and a part-time job so I'm not ready to try start my own marketing efforts.

David, I been on both sides, as landlord, landlord searching for PM, and as a contractor in the IT field.I self manage mainly, and for small jobs, I do have plumbers and handyman handling.

Rentroll and a T12 is what should make you comfortable.

It can be a great option, or it could be a terrible option - running your numbers as Michele mentions above will help you choose the right path.Many of us have worked with HML's, and as selfish as it is - I don't give out my best guys because they are relatively small and they might not have enough in their coffers for my next deal if they get too busy with other investors.Also many lenders work only with specific types of deals in specific geographic regions. 

I currently own a 4plex that will generate between $1200-$1500/mo after expenses, and a single family that gives me $325/mo after expenses.

Those are all just examples, but you can see how that debt service number could vary greatly between a 30yr mortgage at 5% and a hard money loan that may be 12% interest only with 1-4% fee up front.

I have five townhome condos in addition to a triplex and a larger MF.

Is there a tutorial/explanatory video available somewhere and a standard letter I can send to explain how LOs work?

Make the tenant pay, make your criteria very clear and as exclusive as is needed