Not only couldn’t the investors hire management for the promised 8% of gross, they couldn’t get management to work for 25% of gross!.  

I focus almost 100% on my pad ready land cost to come up with profitable deals. 20% of gross development value is the most I will pay for land.

I just recently took one apart trying to get into every possible nook and cranny to clean it and it was GROSS.

That first year, yes, using leveraged capitol left us with only 45.43% of the gross revenues.

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

We gross in between $2,500 - $3,000/month on that unit.

Gross rental income divided by 2 (50% op ex ratio) equals net operating income. 

I was looking over the final numbers and I noticed that my gross salary for the last ten years and the gross profit on the house are close enough to be noticed.

My point is that there are plenty of motivated participants at this price point even if the gross commission is low.  

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000