They then use their new knowledge and skills to take on bigger projects which they then BRRRR to scale more aggressively.I don't know a lot about North Carolina but I know there's investors there seeing great success. 

What's not going to happen is your going to get good long term pm done for you in rough areas with no other incentives like they are making money more on project management of the renovations. 

And then of course you have the 27 Boise Cascade projects that were built in CA  with thousands of lots in each one..

How are the performances different than your projections at purchase?

Seems like a great way for rehaber to make the financials look any way they want.I can think of a few technologies that might help track income and expenses across projects that don't involve saving pieces of paper / invoices / pdfs :)  

Hey everyone,I’m currently in the process of creating a pitch deck for a new project and could really use some inspiration.

So on those projects I had to take them over and I think at best we got principal back and on one or two might have lost a few grand..

You might look into some of the real estate crowdfunding sites that allow you to invest only a few hundred dollars into whatever project you like and build up savings in the meantime so that you can take down one of these deals in the future.

Let’s project realistic expense estimates via the 50% rule:$12k rent / 2 (50% rule) - $19332 P&i = negative $13332/year or negative $1,111/month.  

If it becomes a project, I will do the same as you.