Also, can any investors recommend a reputable property management firm? 

Some context, I have 3 other properties in a different city and am currently on 1099 income (so I can't do conventional) for the past 3 months.

I found a property on an auction site that I'd like to bid on.

Quote from @Henry Jay: Hello, me to real estate and look for knowledge in flipping and rental properties. 

I think I'm paying about $4300/yr on a $600k property but that's in western NC and rates will vary by location.

That's awesome, congrats on successfully purchasing your first out of state property and finding a great agent!

It’s also worth considering a multi-family property for your first deal since it can help with cash flow.

@John DavisCongrats on closing on your first investment property!

He would also be exposed to liabilities related to the property, such as lawsuits or property damage claims, which could affect his personal assets.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.