Focus on Positive Cash Flow: Given your goal of ensuring positive cash flow, look for small multifamily properties that require moderate rehab.

•Ensure you have a vetted and trustworthy team.

It's designed to ensure someone nearby can manage things responsibly.Your plan to hire a local person for emergencies and other tasks is a great workaround.

In return, we ensure the tenants treat the property as their own and respect the space they live in.

Even though rental properties can be somewhat passive, there are still things to keep an eye on, like collecting rent, making sure utilities get paid, ensuring property management is doing their thing, etc.

@Francisco Pineiro To protect yourself when working with contractors:1.Start with a Clear Scope of Work (SOW): Ensure every detail of the project is outlined in writing, including materials, timelines, and deliverables.2.Use Milestone Payments: For a $40K rehab, consider this structure: 10% upfront, 30% at halfway completion, 30% at 75%, and the remaining 30% upon full completion.

If it will be owner-occupied, there are a number of compliance issues to ensure you address (Dodd-Frank, etc). 

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

It's a great asset class but you also have to ensure you buy in a way that doesn't hurt you.

Consulting with a tax professional is advised to ensure compliance and proper handling of deadlines.This post does not create a CPA-Client relationship.