On the other hand, if you “just” break even for 30 years on your previous primary home with 5% down.

There are a lot of investors that want to get started and don't have the money to buy a 20 unit, but want more than a SFR, so they buy a duplex to quad.I only know of a handful of quads in my market that got cut up into 4 condos.  

AS Much as anything most folks in RE in that area simply rely  totally on them ..

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

I work with a handful of clients each year on the acquisition and construction side and help them make an enormous amount of wealth on top of managing their properties here in NJ. 

Doing a Fix and Flip in a flood zone is totally fine, but there is obviously added risk on the exit.

The honest answer here is in this marketplace not knowing what you're doing the risk is high.Knowing what I know now on the forums is totally different.

On the other hand, we also had three provide cash-out refinances. 

Let me know your thoughts and if anyone has first hand experience. 

Appreciate if anyone has first hand insight.