If you can't self mange (the most profitable way to operate) you can hire a full time PM like Vacasa. 

If you mange the properties yourself or have someone else mange them this holds true. 

I found the cost to be to high to make sense especially since we would need a GC to mange it (we directly manage our local construction projects)

If it is far away, then definitely hire out to a mange company so the property maintenance is somebody else's problem.Just focus on income production.  

Fix and Flips get a lot of glam as quick way to make some money... but if you don't know how to mange the project or vet contractors or do the work yourself it can eat up all your capital quick.

What are the margins in a property management company (manging other peoples properties)?

@Heshel Mangel , Is there a reason for being one on the mortgage?

Refinanced mortage will likely be $1200 a month leaving cash flow of $300 a month to mange the property.

If I could get a clean 16-20%+ IRR for 4-5 hours of due diligence, then totally passive for years after that.. why would I spend my time manging tenants, repairs, or managing the property manager every month for a 15-25% IRR?

I would never pay 30% of gross to have someone mange.