Hey Randall,Your question totally depends on your goals and situation but rarely is it best to lose $200 a month. 

It really depends.   

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

You can not depend on syndicators these days to underwrite correctly since they seem to be more focused on growing large mailing list and collecting huge upfront fees for closing deals.

Why are people going for $10M or more, which is at the point you'll have trouble spending it all. 2m isn't enough to retire on, depending on how old you are.

Both can save time and improve efficiency, depending on how hands-on you want to be. 

*Eventually* they will come back, which might be in 2 years or 10 depending on how aggressive the tree and bushes are that are nearby.

As always it depends but my opinion is it matters based on what the client wants. 

.: The % of ARV varies by market/area.

Depends on your goals!