We focus on updating the old and neglected housing stock across multiple Midwest markets where we can get in and out of a project within 2-4 months, and often complete a project for a rehab budget that is less than permit fees alone would potentially cost in CA.

I keep the CA brokers as I will do some referral work through the course of the year and with price points in CA referral fee's can be 10k plus..

Anything that's high priced luxury huge lot sizes, amazing landscaping, bigger garages, and HOA fees is probably A class. 

Whether to jump in now depends not only on interest rates but several factors including where you are financially, do you think values will increase or decrease over the next 2-5 years and will the investment provide you with a better return than investing the $ somewhere else.?

Keep in mind I removed 10% mgmt fee, but kept 10% reserves for Capex and repairs:Cash Flow : $960   Pro forma cap rate of 8.42% (obvs better if you could get my high estimate of $75k rehab down)COC return:  9.6%If any OOS or local KC investors  are interested in having detailed analysis and information sent your way, contact me.

And I don’t want to have to pay a monthly fee.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Regardless, you sort of need to take two steps at once: A) talk with an attorney to understand your options and nuances of those options and B) start having conversations with people you might think would invest with you to understand if there is any real interest, what they are looking for and if you can realistically offer that to them with what you are doing.Once you have that, then you need to understand underwriting with investor capital, proper fees and profit splits, taxes, reporting, etc.

I agree with Nathan on doing a monthly pet fee/pet rent instead of a pet deposit, which is refundable.

Tenant pays all fees and the choice is theirs.