I don't for two major reasons: I want control over the rehab and I want control over tenant placement.

Though the tenants are paying their own heat and lights, you will still have a house electrical meter for common areas, expenses for groundskeeping (snow removal, lawn care), water and sewer, garbage collection, janitorial, pest control, administration/accounting/advertising, etc.  

I would recommend is consider the lack or control of the money and I would consider the change of ownership.  

And that's just some of the planning stage.I won't even get into the 25 or 30 different permits you'll be required to obtain, their costs and their impact on your budget.Now think about the Federal regulations that are in place from Wetlands to Flood Plain Issues to Storm Water Management to National Pollutant Discharge Elimination Systems to Erosion Control during the construction/development phases.

I live in Quincy, MA and like many of the newbies in this field, I am at a crossroad, where the 9-5 is becoming unfulfilling and independence of possibly taking control of my financial life is becoming all I can think about. 

An you will take control of the deal, showings, negotiations, etc (you will make the work of a listing agent and save that part of the commission).Unfortunately we are not licensed in NJ, so can't help you with it.Make sure you deal directly with a Broker licensed in your state and NEVER with a referral service that will sell your information to someone else.Good luck!!

And don't forgot once you are out of warranty the repair costs can get out of control, not to mention the maintenance items are expensive (compare prices of heavy duty rated tired to standard truck tires for example).

[Actually it is all about control, as you may know, and not really ownership.

I would recommend J Scotts book on rehab, he has a very good section about contractors, how to hire, control, and pay them, you can buy them here on BP.

.- I don't see you listing many items that are usually separated on expenses; Utilities, Landscaping, Pest control, trash, etc, etc.