Is it realistic to be a PROFITIBLE land lord if you have money for the investment and a prop manager??

Buying and investing in rental properties is worthwhile. Of course, some areas are more depressed and therefore it is slower way to make a profit in the short term.
When you buy a property and rent it out the renter are helping you pay your mortgage. Therefore it goes into your equity that will go into you pocket when you sell or if you refinance. If you want to be a landlord but do not want all the headaches of renting property, hire a Property Manager. Shop around and find one that you click with, feel comfortable with and then look at his charges. Every state is different and each office can be different. Here out West they generally make 10% of the rent.

Here is what they do for their pay:
Rent property, and keep it rented
Advertise property for rent (this cost may come from you)
Check property periodically to see it is being taken care of
See that cleaning and repairs are done on moveouts.
Take Care of all paperwork and issue you statements and your
check each month.
Except phone calls and walk ins for possible renters
Evaluate applications, check references, job history, rent history
and credit.
Evictions
Attend Court on your behalf for deadbeat renters.

You get a lot for the money you pay. A Property Manager is most valuable when you need to deal with court to get rent from bad tenents. No one can win your case like he can. He is experienced and works hard to build the case.

Now, in order for a rental to be profitable you have to realize that the rent rarely covers all your costs. You will have regular maintenace, periodic maintenance (like a new roof or paint), taxes, and any costs involved to get it rented. So please do not buy a property expecting the Property Manager to get a high enough rent to cover it clear. This will not happen. It will ofset your costs and mortgage.
Another variable is whether the property is desirable and in a good location. Very important on keeping it rented and get a good price. Do you research. See what others like yours are renting for in that area.
Then, Proceed with caution.