Out-of-state real estate investing - viewing properties

[Anne Harris]

Real estate prices in my market are extremely high and I'm having a great deal of difficult identifying any cash flowing properties. I've been looking into out-of-state REI opportunities in Volusia County, Florida in addition to other locations (e.g., Ohio, Indiana). I was born and raised in the Volusia County so I'm pretty familiar with the different neighborhoods and places to avoid.

I'm considering approaching my parent's to work as my set of eyes of pre-purchase property visits and property management after purchase. However, I'm not entirely sure of how the arrangement would be structured. Are there any other investors out there with arrangements similar to what I'm considering? If so, how did you structure the arrangements (e.g., compensation, availability expectations, overall coordination)?

All feedback is appreciated.