See, when you put someones back against the wall with T&M, you're forcing them to be sure they are "safe" in that material order because they know efforts to be accurate leave a good chance of being a bit short on this n that, and either you not reimbursing, or giving em hell on why there is additional "and then" items. 

the ARV does not justify the rehab; it's much more risky to do something like this out of state; and for this much effort, you would need a way better return. 

It took a year and a lot of effort to get the units rent ready.  

Factoring in the time and efforts (driving, mailers, cold calls etc) to find "off-market" deals are you really saving? 

This includes global behemoths like Blackstone and Apollo.

Its definitely this - one of the few tougher states to go through all the hoops for - most national lenders carve it out since the thought is the size of the market (small) doesn't justify the expense/effort

Insights regarding a market's stability and development potential may be gained from factors like job growth, unemployment rates, and economic diversity.Make an effort to visit the prospective markets you are thinking about.

I certainly was not well compensated for my efforts.  

I remember as a youngster having to stain and poly raw cabinets and never seemed like the time and effort it took was worth it, but I guess I learned work ethic and value.

I don't have any padsplit though for reasons I'll tell.You will be mostly wrong assuming padsplit is lower effort, hours / week managing vs airbnb.