Decide whether to manage the property yourself or hire a company.Good luck!

I will be his local boots on the ground and my management company will do all the management (a bank turned him down because he doesn't have any investing or management experience in the USA, even though I will be the local manager). 

Or are you most interested in long term rentals (thinking about jobs that a property manager might hire for)?

They will make cheap/easy fixes or they will discover your specific problem isn't covered by the warranty and you'll have to pay for repair/replacement anyway.Most property managers will not manage a home with a warranty because of the rejections, delays, and poor work. 

@Nicholas WhelpleyTo assess a property's potential beyond the 1% rule, consider factors like cash flow, market trends, income streams, house hacking benefits, risk management, long-term vision, and professional advice.

3@Jay Hinrichs 100%.... a few years ago I did a JV on a ground up condo project.

I’ll be out of state, which I know is a big red flag for many.Well below 1% minimum of Rent/Property ValueHoping to self-manage (Yes, another big red flag)Loss of capital gains exclusionMONTHLY SUMMARYRental Income $3,500Less ($3,440) Mortgage (2,900) HOA (390) Rent Ins (150)Less ($1,155) Property TaxTot Exp ($4,595)Rev: ( $1,095) !!

In terms of getting into apartment complexes and large transactions - it's much easier than you think.Real estate is filled with opportunities to deploy capital, but in the same time is filled with fast-talking snake oil men that will happily take your money towards a "fund" so you own a portion of a large portfolio... only to find out the fund's performance is below par, your money is locked out, and the only person making money is the fund manager from the management fee they've locked you into. 

Learn how to comp correctly and learn how to project rehabs correctly and they become neither good nor bad, just another source of deals for you to underwrite and decide if they fit your buy box. 

Do you have a bookkeeper or someone helping you prepare taxes or are you managing the finances all on your own?