I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

@Mike Lambert That is highly dependent on a multitude of factors like size/luxury class/location/housing type/owner restrictions/etc.

Investing in the market that you have knowledge of and the economic factors that support it is necessary. 

The only thing that I see missing if they are purchasing with hard money debt they may want to factor in 3% - 5% for closing costs (points, fees, title, etc) Thx Zachary!

All of these factors/considerations impact each other to some extent and its impossible to know whats possible until everyone in the group is clear on what they need/want this to look like.Either it sounds like you're on the right path with the line of questioning. 

I would factor in 6-10% for property management.i have worked in property management for 3 years before and through the pandemic, and I have been seriously searching for property to invest in for about two years.

The biggest factor is thoroughly review their credit score report especially on time payment record and score.

Don't get me wrong:  cash flow is still an important factor, it keeps the lights on, it pays for repairs and upgrades.

When things outside of our control as investors change, (macro-economic factors, saturation, disposable income etc.) and there is no safety net, that's when investors can get really hurt.

The market is always evolving and there may be good deals to be had near term or you may need to wait a while, depending on many factors like interest rates etc.