Understand it.

Then reality hits and you find yourself in over your head.

If so, you open yourself up to a larger pool of candidates.

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Does a tech firm really need to pay a CA located cpu engineer $300kyr when have national reach of hundreds/thousands equally qualified happy to do it for $200k....... 

I wouldn't have any interest in buying something like this to hold since it would be so far negative cash flow wise on a monthly basis.

It basically said, unless you are living in Wyoming do not use a Wyoming LLC set up.It seems the more research I do the more different answers I see.Going a little crazy over here,Rhonda

How would you suggest going about finding a deal and managing it out of state.

If you do not know how to get permits, honestly you should not be flipping.

Me and my wife have decided to sell our first duplex deal after 4 years of holding it we have built over 250k of equity wow !