How should i structure PM while starting to buy a SFR portfolio?

[Elliot Lamson]

I've been a FT investor the last 6 years mainly flipping+wholesaling. (100+ flips & 200+ wholesale deals)

I have a wealthy friend who has 3-5 million liquid he would like to put to work. 

I'm looking to start a SFR portfolio in 2021, looking in areas like Memphis, Milwaukee or Jacksonville.

Rough numbers....
Buy 50-100k
Rehab 15-30k 
ARV 120-150k
Avg rent 1-1.5k

I plan to BRRR everything.
I would be using a local property management company.

Questions: 
1. If it was up to you, how would you structure PM deal? 
2. Best ways to refi these portfolios? Deal by deal? 

Thanks!

[Marcus Auerbach]

From personal experience I can tell you it will be tricky to make these numbers work. 5 years ago they would have worked. 

Your rehab numbers are light, because when you long term hold a property (vs flip) you have to spend more money to bulletproof a property not just make it pretty; i.e. fixing mechanicals to make sure the property will not require ongoing repairs. 

For example we usually replace all of the plumbing and snake the lateral as a default. You'd never get your money back on a flip of course. Same for the rest of the systems. This increases your repair budget and to keep the repairs proportionate to ARV you have to aim for a higher property price segment.

Also know that the median sales price for a single family in Milwaukee is now $192k so you'd be aiming at the bottom third of the market.

Also, doing this remotely is hard - I know people do it, but I am not sure how. I am at my jobs at least twice a week and I have a great crew, but still could not image to do that remotely.

Not sure what your question is about PM? I assume you'd hire a PM.