When you find a property that could work either way, how do you decide whether to flip or hold as a rental?

I had a phone call with a young guy from Atlanta, GA who was looking to invest in Ohio because it was cheaper and was trying to decide which market in Ohio.  

Because this is a frequent question, I created the decision steps below.Step 1: Compare rent growth to inflationIf rents (and prices) in the area are not keeping up with inflation → SellIf they are keeping up → Go to Step 2Step 2: Assess the landlord environmentIf the area is not landlord-friendly → SellIf it is landlord-friendly → HoldIf You Decide to SellLarge taxable gain: Use a 1031 exchange to upgrade to a better property, possibly in a better citySmall or no gain: Sell, pay any taxes owed, and buy a better property, possibly in a better cityIf You Decide to HoldCan you do a cash-out refinance?

EXAMPLE: we had a client decide to sell two properties last year that they took out 15-year mortgages on, then had issues making the payments after property taxes increased after a reset.

Decide ahead of time if they can make changes to the property.Legal review is important, and for marketing, be clear in your listing that it is a lease with a future purchase option. 

So I decided to give it a try.  

For those who hire a property manager, what made you decide that Zillow alone wasn’t enough?

I’m trying to decide between buying a vacation rental in Arizona (short-term rental, likely using a property manager) or purchasing another multifamily property locally. 

I'm trying to decide if it's worth the effort to set up your Google Sheets system properly or if I should just bite the bullet and hire a PM.

I've been quoted $1.2k to do my taxes which seems like alot, so I'm deciding if i should do it myself.