I frequently see sub2 deals on FB and other sites and out of curiosity I look at what they are offering. 

I would find properties, submit them to their portal and they would tell me what they would offer when the house was completely remodeled.  

@Chantelle LewisRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Real Estate is always the best investment.  

@Matt SchreiberWe always joke, "if you pay cash, everything cash flows"....There are still opportunities out there and we've been able to get way off of asking for clients here in Reno, NV with the right seller and right offer. 

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Any tips, warnings, or real-life lessons are welcome! 

In addition to offering "cash for keys" assure them that they can use you as a referral on their next tenant application, or offer them a short term-2 month lease.

I have no idea how real these rates are they dont have credit score just A+,B+ , C+ d and e and application fee is $400.

Not ready to pull this trigger, but are we legally obligated to find a tenant or can we just tell them the offer has expired and that we are no longer seaking a tenant.