About the only thing that is cash flowing are off market deals with a value add component. 

While an operating agreement isn't necessarily required, it's an important component of an LLC, and especially so if there are partners or investors involved.

Its a place where people see the car they put together or the component they  designed in the parking lot of the local mall and they slide underneath it with their grandson and show them where it is.My Dad designed the software program that printed out the price stickers on new cars for ONE brand of vehicles for an automaker.  

I went down the path of using a full-service broker meaning the real estate broker/agent, contractor and property management components are all under one roof.  

Home has been completely re-done with good quality components, wood cabinets w/granite tops ect.

-ARV is $77K... but every nearby comp on the street is $40-$50k.

If you ever do invest in the market you are from you will be at an advantage for having a better picture of the sub-markets and the moving pieces that affect it.Podcast 274 guest mentioned that he only invests in markets he knows, (and has two other rules) and has been very successful with that.Also, I know I have learned a lot from reading/podcasts etc. but I think one other important component is getting active in the forums.

Hard Money is generally high leverage financing on the after repaired value, typically not high leverage on an asset that doesn't have a value add component, so this scenario probably doesn't work.Further you could run into issues of getting financing when you are not in the market you are looking to do business in.

It used to be called component depreciation, and was usually only worthwhile for properties valued at over $10M.

@Levi Lewis BRRRR strategy is very effective but you have to COMPLETELY UNDERSTAND the components.