They usually sell for a really attractive price because investment property financing is (obviously) difficult, somewhat limiting the buyer pool to owner-operator small business owners (who in turn are typically great clients, as well).  

You are looking at this through the lense of cash flow, don't forget you are also paying down the mortgage and might see some appreciation, so equity growth might be more than cash flow.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

I say "may" because while I have read about this in several places, I have not personally verified this to be true.I usually pay contractors by check the minute the work is finished and approved.  

I found my laundromat on BizBuySell, and I sold it through that site as well.I still absolutely think it’s worth networking with business brokers and doing direct outreach to business owners, but you don’t need to take listing sites off the table.If you’re sending out a lot of outreach messages on listing sites and you’re not hearing anything back, it may have more to do with you than the platform.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

When you own a couple of units, the odds of there being unexpected vacancies that overlap each other are usually low, but when you acquire more and more real estate, the odds of tenants moving out around similar times increases. 

Yes they usually have HOAs and that could be an advantage to keep property values up.

Stick around and you're sure to see crazier things than this.

Memphis is definitely worth a closer look.