PMs are for when you're seasoned  and in the preservation phase or out of area investing or if you always plan just to have a job and up to a handful of rentals to subsidize retirement. 

The preservation of historic features might keep the neighborhood beauty, but the costs are higher to find workers with the skills to make it so. 

I can get a commercial loan based on the cash flow, however that would require $87,500 down (25%) and I am trying to preserve cash for my fledgling flip business. 

However, that would require 25% down and I would like to preserve cash for my fledgling fix & flip business.

New flooring, fresh paint colors, new plumbing and lighting fixtures, but preserved the original charm.

Be sure that whatever structure you decide is best for you that you also understand how your business will operate to ensure that the structure or corporate veil is preserved.

If the house is deemed historic there are preservation requirements in many communities that require you to show the renovation designs to a separate review committee before permits for work will be issued, and this additional layer can add months in some cases, plus additional design and build costs as certain materials and craftsmanship may be required.I also did not see holding costs or resale costs, two elements that nearly all flippers will face.

With the market where it's at, with so many people overpaying and thus driving prices up and making deals assets less lucrative, this structure allows deals to still be attractive for upside investors while providing a nice safe (in some cases, not all deals are safe/good) investment for those who are looking for capital preservation over growth.

Your preservation of capital is not that strong as you are in for more the cost of the property and repairs. 

Honored with a Preservation Award 2006.