That's why so many construction-related businesses fail.So, if you're focused on finding the cheapest contractor to do your job, you have a very good chance of selecting a contractor who will go out of business while trying to build your job.There's an old saying, "A fool and their money are soon parted."

I keep wondering about insurance, vacancy rates, if tenant selection is a bigger/ different factor, terms of the tenancy and differences in opex and capex?

My niche was looking for areas that were run down but getting ready to gentrify (or so I thought, sometimes it's just a guess or gut feeling :-)Drive around the areas you have selected as possible money-makers and then drive, drive, drive.

You will get a lot of applications but be very throughout when selecting the right one.

So depending what future holds for California, and whether you target appreciation or cash flow, select your locations.

I keep wondering about insurance, vacancy rates, if tenant selection is a bigger/ different factor, terms of the tenancy and differences in opex and capex? 

There is a drop down with lots of options and if you select "no central heat/air" you can't get insurance from most companies.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Is it only offered in select states?

I would do your due diligence, pick a few markets and start networking within those selected.