PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.Landlords are running a business. 

Aloha Shay, I am on Oahu, but about 10% of my business is on the Big Island.

So, yes, you can absolutely have a great rental business as an out of state ( and even international ) investor, as long as you have a solid team that are your boots on the ground. 

Maybe the owner of a plumbing business. 

You can do this with almost any business, as long as you are bringing in the clients, leads, deals and etc..

Keep personal and business finances separate to create less headache.You should also do the following to make your bookkeeping easier:- File all receipts in a dedicated Google Drive folder.

But it’s something I tailor the business plan to just in case.So your investor could get caught in having their loan called with not a lot of notice if things change.

I only pay for BP leads and all other business comes from my sphere/referrals. 

If I got a home equity loan for Property 1 and used the proceeds as downpayment for Property 2 and then got a 2nd loan for the remaining 75% purchase price for Property 2, when I sell Property 2, can I use the Property 1 loan as part of the cost basis for computing Property 2 capital gains?

Your success in this space will also translate to different type of business relationships.