HOA management for a bunch of peripherally involved out-of-town investors is probably a great opportunity pass along overpriced contracts to your local buddies. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If you're just going in to learn, you could probably gain some value.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else). 

If the property doesn’t make sense financially as an annual rental, it’s probably not the right investment.

I think we strayed a bit from the plan and probably put a little too much in.

You probably don't want to live next door to tenants; ideally, they would just think you're also renters. 

I can assist with the real estate side of things - and probably the mortgage side too.

.: Quote from @Aaron Murphy: you are probably feeling like BRRR doesn't work because you are trying to turn a 600k house into a rental.

Probably they make it up in upcharges on maintenance repairs, or they will keep all your application fees, processing fees, tenant charges,pet fees and charges or make ready or something somewhere.