I'm at a place now where I have people and systems to make it rewarding, but it was extremely difficult to get there.

Managing your own property can be rewarding but also challenging.

@John Balzowski  a lot of flippers cut corners to make their deals profitable.Many also get better acquisition prices.What's most important about any type of investing is properly understanding ALL the risks & rewards. 

If your rental is worth $1,200 a month, offer to keep them 5% - 10% below market as a reward for their continued tenancy.

Multifamily house hacking is a CLASSIC strategy and very rewarding.

I view Gulf Shores as higher risk/higher reward - appreciation potential is definitely higher, but risk is much higher to get wiped out as well;  basic costs (rehab, insurance, etc) will be much higher as well, but so will rental amounts.  

Having this potential deal caused me to go on the hunt for people to help, and he is one of the wonderful rewards. 

Deals are about balancing the Risk and Reward for investors.

If you're confident in your abilities and have the necessary time and resources, taking on the role of your own GC can be highly rewarding. 

Low risk, high reward for them.I would also consider getting a 2x security deposit + 1st months' rent + last months' rent.