When you find one where the deals in the market align to your goals/metric targets stick to that. 3) I totally agree with the advice of interviewing PMs.

Eventually, with time and experience, your knowledge and confidence begin to align more realistically.This concept is incredibly relevant to real estate investing.I encounter this often: an investor seeks advice but quickly tells me how much they already know.

The caveat is to make sure the passive investment you choose aligns with your goals and it’s a good investment. 

@Collin Schwartz you certainly don't need to get into the numbers here if you don't want to, but it might really help explain some of the capitalization issues raised earlier in the thread.Here's my read: the OP left his day-job to take a different day-job (started a company doing PM work) and took some 200k of seed money from a HELOC to  begin investing in SFRs and multi-families and reposition them. 

Ensure you research local market conditions to ensure your fee aligns with property values, usually aiming for $5–$20k or 5–10% of the property’s ARV.

Check their terms and fees to ensure they align with your needs.

Whether you’re interested in emerging areas, cash flow opportunities, or long-term growth potential, we can work together to identify those neighborhoods that best align with your investment goals.I’d be more than happy to assist you in understanding the market dynamics and helping you make strategic decisions that align with your objectives.

You are left with smaller margin of equity in your rental and figuring out the new property you added.

Alternative options include offering a significant down payment, a lease-option agreement, a joint venture, or a deferred closing to align with John's timeline.

I purchased $4m Dec of 2021 and have one unit left to rehab (starting it Dec 1 and my 22 year old son will be running his 2nd rehab - it will be a live-in rehab so slower than we usually achieve).