That’s where good structuring pays off.Overall, you’re setting yourself up to build equity instead of paying rent—I’d just encourage you to map out both the cash flow and after-tax impact before pulling the trigger.

I'd encourage you to also consider passive syndications if your time is otherwise commited with any excess capital. 

If you are strapped for cash, I would encourage you to network, JV, or partner with other investors if you want to get into flipping quickly. 

I haven't been here very long but am surprised by blind encouragement for new members to take on risky deals.

You mentioned Ohio, NC, and some spots in the Northeast — all have pros and cons I'm sure — but I’d also encourage you to take a look at Pittsburgh (Yes I am biased).

So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations.

@Marcus AuerbachThank you for your response brother, I appreciate the encouragement that more experienced people like yourself continually give!

A 'bird dog' is a 'finder'... and while there are clear cases of advertisers overstepping their bounds into brokerage (http://caselaw.findlaw.com/il-court-of-appeals/1546961.html) there are also (many not so clear) cases where a 'finder' is not a broker (http://law.justia.com/cases/new-york/other-courts/2010/2010-20104.html).I would encourage anyone to browse the last link for 'finder' and also to look at the section 'Quality and Quantity of Services', 'Fiduciary Duty', 'Differences in Entitlement to Fee'.

A clean break often protects the owner’s reputation and encourages cooperation.Lease structure mattersSome leases spell out an early termination fee (like 1–2 months’ rent) while others leave it open-ended.

I would always encourage them to make sure they had  rock solid POF  and lending lined up.