I would imagine that with smaller properties a set monthly fee instead of a percentage of gross income collected could be the language in the contract.

(the reserves requirement is a little different for Freddie)Freddie Mac guideline:Each Second Home or Investment Property Mortgage must meet the following requirements:• Each Borrower individually and all Borrowers collectively MUST NOT BE OBLIGATED ON (e.g., Notes, land contracts and/or any other debt or obligation) more than 10 (ten) 1-4 unit financed properties, including the subject property and the Borrower's Primary Residence, provided that, when the number of 1-4 unit financed properties (including the subject property and the Borrower's Primary Residence) is greater than6 (six), the Mortgage must:o have a minimum Indicator Score of 720 ANDo 8 months of the monthly payment amount on each additional second home and/or 1-4 unitInvestment Property that is financed and on which the borrower is obligated.

My recommendation is to start off with a house hack, they are relatively low risk and will allow you to have a primary residence while collecting rent at the same time.

And if I decide not to use a management company...any programs for rent payments/collections etc?

Our rent collection is near 100% even with COVID-19 and we have no plans to stop buying.

No rent is collected on behalf of these units.

.- three times the rent for each individual, not collectively).

I would check actual collections and tenant delinquencies.

Or it could be months, maybe even a year before hes actually out of the AF and you keep collecting rent. 

Once you have 3 or 4 hoses, kept or tossed in the trash, either you won't know it's being done or someone will ask for their hose back.