I don't currently know much of it but I plan to learn to do as much as I can to minimize costs... 

Rehab is minimal--paint and cleaning--$5K max.Finally, seller's loan is 2%--payment is $750/month.

I'd like to manage the property myself not only to gain knowledge and experience, but also minimize my costs.If you have experience of managing a rental property out-of-state, I would greatly appreciate your any words of wisdom about whether or not it's worth it, and the pros and cons.Also, does KY require I obtain a permit to own/manage a rental?

One of the thoughts I just had: asking this question on a forum (where everyone is at least minimally tech savvy) is a little counterproductive, being that my target market would be the landlords that aren't as comfortable doing things on their own online.Does that market exist?

I would most prefer a multifamily property, but that requires waiting, which I hate - and I want to minimize wasted time! 

The building is now filled and for the past few months I have been at full cash flow with minimal expenses!!!

-Maintenance and operating costs are minimal, comparatively speaking.

I collect rent online, I use a service called pay simple but you could easily use quick books as well minimizing the need to actually go to the property.Look at the prices and determine if 610/room is a good option.  

All the above is correct re DF here's how to protect the buyer and seller and minimize the risk with Sub2The Dreaded Due on Sale Clause..First what the heck is it?

This building is almost brand new so the maintenance is minimal, which would give a higher NOI.