I've been interested in it, the cost was pretty high on the Pace Morby one

The seller will lose some rent, potentially incur costs to evict, possibly costs to clean out the units depending on your sales agreement.

However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

Their cost basis is about $33k, the agreed upon purchase price is $250K and the expected appraisal might be around $350k-$400k. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

At that class of property, the turn overs are costly. 

How much is the rehab going to cost, what's the ARV going to be, and how much will the property rent for?

It cost $38,000 for the framer to take on the risk and do the work - and that does not include the cost of the GC, or architect, or plumber that was also required!)  

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate.