Keep in mind that landlords in expensive markets aren't making an profit (cash-flow) on rent.

I manage the property and the tenants, pay the owner of the property a rent that meets their mortgage plus a little profit, charge fair market rent from the tenants I sublet to, and exercise an option to buy the property after a predefined term and at a predefined price.This way tired landlords don't have to manage their property anymore, and I start investing with little to no money.

All cash costs, and negative CF is a loss, must be recovered before you can make a profit. 

. :-) Even if you win the war, loosing the battle can easily wipe out all your profits and more.Think about that recent CA AirBnB case where the lady was in the guest house for almost 2 years with no rent?  

I planned to recommend getting the deal under an assignable contract and if you can't make the financing work try to find an investor to transfer it to for a one-time profit. 

However, as @Chad Hale mentioned, only if you can afford it - meaning both financially and mentally (e.g. how stable are both of your jobs, how long will it take you or your husband to find a replacement job, how much you have in reserves, and whether you guys are in a position to withstand that mental stress, etc.)When you mention 8k monthly, I am assuming that's net profit?

Partnering with Billy Medlen, we saw the opportunity to create a win-win situation by transforming the property and delivering a strong profit.

Everything is profit after that (sort of).

At that time it seemed like there were a lot of investors who had given up.That is not to say there is not opportunity there, but I could tell for me as someone who did not know the cities and tenant types well, it was probably going to be a lot of work for me to be profitable. 

Why I would agree, it would be ideal to start one ourself but to be profitable at PM it seems to be a numbers game.