There is no reason to hire a PM for 2 properties unless you are a high level earner and it is a waste of your time. 

You're in the right place at the right time.DFW area is a great place to get started.A few things to consider are population growth, job growth, wage growth, demand drivers, and these days I think one important consideration most people do not consider is the amount of apartment delivery which is competition for your investment.Good luck and best wishes.

Of course as a relatively high W-2 earner, tax benefits are appealing to me as well, but that's just icing on the cake.

@Ryan Berg,You're asking a great question, and you're definitely NOT doing it wrong- the market for STRs has tightened a lot, and finding strong cash-flowing properties in popular, high-priced markets like Frisco, CO or Traverse City, MI is getting tougher, especially with today’s interest rates and elevated home prices.That said, since you're still a W2 earner, you're in a powerful position to take advantage of one of the biggest real estate tax strategies available-cost segregation and bonus depreciation via the STR loophole.You don’t need to keep the property in STR status forever to unlock the tax benefits.The STR tax loophole (Material Participation Rule) only requires that you materially participate in the property during the first year when you take the bonus depreciation.

Tennessee has no state income tax on wages or rental income, which is a big plus over many other markets.As for multifamily, the upside is multiple rental streams under one roof, which can help reduce vacancy risk.

If you do not desire to purchase local to you, investigate population growth, wage growth, economic diversity, supply/demand with emphasis on supply constraints) and prioritize this data over the rent to value ratio (ie the initial cash flow).Good luck

Spend more to lawyer back up and garnish wages (if the court lets you). 

By offering this tiered structure idea, it sends the message that you are going to be a nightmare to work with and aren’t serious about selling. 1% means the buyers agent is working for less than their overhead expenses cost them, and the top tier is still less than minimum wage.

So again, having nothing and no “garnishable” wages is key. 

Minimum wage is $2.50 USD.