First Rental Property - Self Management company or NO?

[Michael Grazul]

Just purchased a new home. Plan to rent out my current home. 

Does it make sense to start a management company to oversee the transactions of the property, even if I am the one managing it?

If so, a few odd questions... (And of course I already know I should talk to a CPA and/or Attorney, but this site has plenty of them)

Do I need to insure this management company?(what are those estimated costs?) Seems like a large expense, when the management company may only clear $80-100 monthly in management fees.

Do I need to pay myself any salary as part of managing this company? (I don't anticipate the management company having much cash flow to afford salaries)

Any advice would be appreciated.

Thank you.

Mike