I have managed to get myself into a bit of a complex situation on my first deal and I'm looking for some advice. 

If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

Typically corporate/bank owned homes are managed by an asset management company.

Yes, I'm a Property Manager in the greater Phoenix area.We are a mid-size property manager, large enough to have great tools and support but small enough to provide personal service.

Sorry to hear your self managing isn't going as planned...finding good tenants is tricky!

As someone who occasionally works with these investors, I always try to emphasize the challenges that come with real estate like managing renovations, dealing with tenants, and navigating market fluctuations.

Interview the team rehabbing and managing the home on your behalf.

@Grant ShipmanIn my experience with these units are very difficult to manage and people at the 30% level also create a new set of problems.

Learn local landlord-tenant laws, FHA and VA loans, and property management software to streamline rent collection and maintenance.

Investing in real estate in actually starting, managing, and marketing a company.