It is not uncommon - main reason we see right now is over inflated original ARVs and now borrowers cannot sell and pay off the lender. 

If you don’t owe then, everything is profit without paying overhead depending on the structure of your lease.

At $800/month, that would barely pay for the rehab costs (using BP's 1% rule). 

Currently, I am looking at Hemlame for local, I tried to use them for an out-of-state investment property, but the cost with an agent would end up far greater than a full-service property manager.The dream option would combine all accounting, bill pay, rent collection, provide eviction services, and maintenance coordination outside of normal hours.

They make you pay 85K as what they call "your Limited Partner contribution" in your first deal. 

Unless you find a buyer with a very specific criteria who is willing to pay above the typical 70% - repairs.

For example, they have not sent us the rent they owned us for the last three months, and here is paperwork to show it is not in our account, here is the contract with them stating they would pay on this day each month, and here is the title of the house in my LLC/name to show you we own the property too.

If you have a 10% interest rate on a car loan, then paying that off would give you a risk free 10% rate of return.  

I’m trying to figure out how I can pay myself and buy another property.

I am using the tax benefit along with the principal pay down and appreciation to offset.