I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash.

We actually CAN'T explain what we are seeing if we are operating on the "purely rational actor" hypothesis (as you implicitly observe), we MUST include highly irrational and emotional individuals to explain what we are seeing.- Investor uncertainty.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

I would include your realtor in the conversation, at least when you're introducing yourself.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Be sure to include one of more exit strategies in your LLC documents.

Plan to buy at 4 duplex and a single family(which includes a lot) this year.

If not, take this moment to adjust, including in case of divorce, mental/physical health, etc. 

In addition to the different tracks @Chris Seveney descrubed, there is also good information on creative financing and seller financing (including what to avoid).

He included my Last Will and Testament, Living Will, Advanced Healthcare Directive, General Durable Power of Attorney, etc.