Should I pay cash for rental properties or get a mortgage?

I live in Atlanta, and it seems most people are easily getting a 5-8 percent return in the long term. If I have $100k cash, would it be better to pay $100k for just one rental property, or get a mortgage on 4 rental properties (assuming they're priced $100k each for $25k down)?

Paying cash would give me a lot less risk. But getting a mortgage with multiple properties would net me more. But what if my tenant misses a payment and I miss a mortgage payment? I think I'd be screwed then.

Also, what do property managers do? If I could pay them 10-12 percent of the rent, would they do most of the work for me?

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