If these numbers are solid and you have a buffer (at least 10% more you can spend), then go for it.

You can learn all of this on your own and a good lawyer, but PMs really buffer your learning curb considerably.

As far as the "why" I'll answer with my short- to long-term plans: I'd like to build up some cash savings as a buffer against financial emergencies for my family...then pay off some debt, followed by paying for college for my 6 kids..then funding for my wife's and my retirement...all while having enough money left during that time to do some fun things with my family.

This allows me a reasonable buffer safe zone.Hows that sound?

Property managers are great as a third party buffer or middle man, this is a business to us, it's not personal.

About 300 Add 100-150 for distance, rural areas, extra square feet, or rent schedules Add 150 for lender buffer for unknown complexities that add cost In the end, borrow gets a copy of the invoice directly from the appraiser and only pays for what is invoiced to the lender

Don't over leverage so if things go wrong, you can weather the storm. ( It's easy to hold onto an asset if you are cash flowing. )Things generally will cost more than you think, so create a buffer for margin of error. 

Property managers are great as a third party buffer or middle man, this is a business to us, it's not personal.

If you ask for a half (or full) month’s rent for the early termination, that will buy you an even better buffer.  

That said, if the math works out with an extra 20-25% rehab buffer, I don't see any huge issue.