Totally depends on your state and a solid New Jersey Property Manager or real estate attorney should be an asset to you here. 

I actually learned a ton from them about analyzing properties, investing, self-managing, seller financing, vendor connections, avoiding common mistakes, etc.

You have to run this way, but you are paying more in taxes over an individual with passive vs active investment.Seeing as most folks who visit here are small, self managing folks, it is important that people are aware of the differences.

Property management(company). 

Maybe a good time to go fishing...I wouldn't mind being able to pause distributions to our 500 SFH we manage and capital call our investors if/when we need money lolThanks 

I also talk to a local rental management company tomorrow to see what their projected rent would be for the property.

There are other factors to consider, such as the quality of landlord-tenant laws, the court's ability to protect landlords, the ability to find a quality property manager, etc.

She took on the property management side for a reduced rate as I purchased the place recently through her.

Property insurance is only part of the risk management equation.

It takes a little more calendar management but can be very worth it if it's allowed in your area.