Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

learn about as many strategies as you can then open up a prop stream acct and go to town looking for motivated sellers in Middletown.  

Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means). 

If anyone tells you that you can get 15% cash-on-cash it's either a scam or ultra high risk. 

For now I do self manage though.

Instead, start by sharing why you’re interested and ask questions to understand the seller’s motivation like, ‘Why do you think it hasn’t sold yet?’

If you haven’t already, I’d scope out the municipalities around town.. from what I read in The Economist, the Phoenix metropo area continues to rank high for job growth, which usually bodes well for new builds.

It’s high math, I guess.

high prices have made properties expensive and high rates have made money expensive. 

If one has high living expenses, cash flow doesn't mean much and I definitely understand going for appreciation first.