Your current situation prevents that.I'm with @Chris Svendsen.

Obviously, I am going to authorize an after-hours call to a plumber if there is a leak that results in water accumulating  under the bathroom sink (preventing property damage is a no-brainer); however, if a toilet is clogged, the water heater stopped working, electric power is no longer coming into a section of the house, then I dont want to pay the premium to have the tradesperson come after-hours (I dont feel like paying a premium for the convenience to my renter) when the call can be made the following day or on Monday if the issue occurs on Sunday morning.  

The 2nd negative can be prevented, if you buy in a community that contributes to their reserves, and has a fully funded reserve schedule.The positives are: you have less to manage.

I am from NJ but have roots in Athens, TN.

@Brent Coombsthats really the root of my question, if you're looking to have 3 different options on your offer, how do you decided what each option should be?

We want to do it the right way the first time so we do not compromise our relationship and prevent any unforeseen events.

He recommended...And this phrase is the root of the problem.

Free Advice: Create two LLC's one for flipping and one for your passive as this will prevent domino effect if one aspect fails and make sure you setup proper firewalls to prevent commingling funds. 

Not to mention even though Prices are more reasonable Upstate, NY state in general has Tenant friendly Laws as a beginner I rather learn and make mistakes in a State that laws are more Landlord Friendly, Property Taxes are high in general in NY State and snow is worst Upstate some of the factors why I headed South...After deciding to invest out of State the next big question was which market, I picked 3 did what many do here in BP and probably overanalyzed the markets then visited all 3  markets and made a decision where to plant my roots.

My question is, are there any rules preventing me from working exclusively with investors?