On a commercial asset the value is directly based on the NOI (net operating income).

Are you doing the work yourself or what is your plan on tackling the operations? 

In my opinion, even if you partner with a local PM company or turnkey operator your returns will drop significantly.

I just mean to say that I don't think there is anything wrong with their business plan, their operational expertise, and so on, so unless something melts the economy down, it seems as though Brian integrity of the operators is the only remaining variable. 

You can't go to Vegas and expect to be reimbursed for your gambling losses.

I do not know PL too much but I know it is the most popular for small unit count operators. 

This approach will help preserve your operating capital.

However, I enjoy the more operational side of flips and would like to grow my business out of state to increase flipping volume and have less competition in finding deals.

You need to understand that given your situation the asset and operational impact must be absolute minimal, lowest risk exposure possible.

Traction is a book that describes the EOS Model, or Entrepreneurial Operating System.