If you have the capability to answer calls at any time of the day potentially and do not mind catering to guests, managing cleaners, and contacting contractors, self management is a fine option. 

Also it is usually more expensive than traditional financing so if you would qualify for traditional financing you might want to explore that option first.

. :-) I'm trying to strategize beyond "Backyard" investing, in the line of thinking that it could be a better option/strategy.

I'd want to understand your specific financial situation and your goals first and as a mortgage broker, I can check into options for you.

PA, AZ, TX, FL, NC, SC all offer promising options for single-family and multi-family buy-and-hold rentals.Avoid seasonal tourism areas for stability; instead, focus on job centers, universities, and gentrifying neighborhoods.

I present options - they make the call. 

I have also been exploring the option of investing in Ohio and Georgia, but I am not yet sure if I want to invest so far away.

Or, option 4, go full barbarian.

Some may be great options for base annual cashflow. 

Id be more than happy to discuss the world of financing options for you first investment.