Also, my understanding is that since we'll be funding this from SDIRA, all the operating income and expenses will be coming in and out of the SDIRA account.

The difference is that Realtors are subject to laws that the state puts in place to protect consumers from shady operators - like wholesalers.The license exam in Mass is shockingly easy. 

So here is what YOU will be doing remotely:- Taking photos of the property and loading them in software to list for rent- Writing advertising text for the listing- Determining rent price and approval criteria- Applying local laws in your management- Screening prospective tenants for showing- Showing the property- Verifying application information such as contacting employers and previous landlord- Making approval or denial decisions based on applications- Communicating with the applicant from application to approval or denial- Setting up the lease and getting it signed- Getting the locks changed at the property and getting the tenant their key- Doing a move in inspection with the tenant- Collecting rent, which is easy when people are paying.

Like others have said, you have to keep increasing with your operating costs (property taxes, insurance, etc).

An experienced property manager with a super host status “should” operate the property above market efficiency.  

I’d recommended reaching out to any agent here on BP that operates in the state you’re targeting.

There are lots of expenses associated with owning and operating any type of real estate.

Put a coin operated one in?

Joshua, I'm a realtor who operates in Milwaukee and surrounding counties.

That allows you to get most/all of your hard costs back on the refinance, which will allow you to preserve your operating capital and get to 5-10 units faster.