Lucky enough to belong to an incredible network in Denver (CO) but as we add operations, properties and an arm of our design business down here I am itching to join something similar!

She has no clue what she is doing and you shouldn't waste any time trying to train her to be to suck less. 

Compensation, full vs. part time PM's, number of PM's, duties & responsibilities, etc.

When problems arise (and they will) take your time to solve them.That's if you're dead set on starting right away.

The value of a 1-4 unit is determined by comps in the area and most of the time it will be based on similar homes sold in a nearby area within the past few months.

To me a PM is a waste for small properties unless you have tons of them or don't have any time at all.

The last time I looked it was about 5% margin....

Quote from @John Underwood: You should definitely have a CPA to advise you and professionally do your taxes.Yep, not a time to ask the forum.

Thanks so much for the time for advising. 

What may work is to buy a house that needs some work, then do minor renos while you are living in it and when it is time to move, turn it into a rental....but run the numbers to see if it makes sense.