I had found and vetted a great property manager. I

Invoices go into the CC account the same as they would in the AP account and are attributed to the vendor who issues them.  

You also will still need to manage your property manager  - ie, stay on top of expenses, ensuring your property is being managed effectively etc. 

Additionally, when a problem arises, those problems get addressed and all parties involved are updated.Being a property manager is a hands-on / high touch vertical.

Obviously they are putting more pressure on out of state investors that invest within Cleveland proper, but spreading liability to the property manager is a new twist.

If your property manager is not listed as an additional insured, they may not be covered under your policy in the event of an incident on your property, leaving both of you potentially exposed to liability.It can save you money.If your property manager is not added to your insurance policy as an additional insured, they may be forced to purchase their insurance policy to protect themselves.

For your first BRRRR, finding a good contractor and possibly a property manager is key if you’re not handling everything yourself.

That's up to my operatione manager. I

Refi after construction.These numbers consider only the portion of costs of the HEL attributable to the land purchase, not the payoff of the HELOC (which we took out to buy the Seaside condo).Cash In:                     $66,166 (Cash, 1 year of debt service of HEL, debt service of const. loan, furnishing)Amount Financed:      $548,000 (home equity loan + construction loan + closing costs)Total Cost of build:     $614,166ARV:                               $850,000 (or rather "after construction value")Refi                                $637,500 (75% of value + closing costs)                                        Cash Out                       $89,500New payment             $4500/month (54,000/year)Estimated Cash Flow (pre-tax numbers, so actual mileage may vary)airBNB year 1:            $70,000     (net income $16,000)airBNB year 2:            $100,000   (net income $46,000)airBNB year3+:           $120,000   (net income $66,000)ROI (construction year):    0ROI Year 1 of STR:              24.2% ROI Year 2 of STR:              69.5% ROI Year 3+ of STR:            99.7% Did I calculate these ROI numbers right? 

Property ManagementFor OOS, a property manager is a good idea, especially at first.