Its "cash and carry" nature and reliance on personal connections create significant barriers to entry, especially for individual investors or newcomers.

Yup, good for you, now go kick rocks guy. 

For example We know historically areas like Memphis, Birm, Little Rock only appreciate 3-4% a year but areas like SW FL are about 8-10%.

Joints can loosen over time and create an arcing problem.Running wire isn't all that difficult if 1. you have an open attic that the wire runs through or 2. you plan on removing lath and plaster anyway to go with sheet rock.

This is a natural pressure release valve for high rent and prices. 

So, any rock star lawyers out there that serve Utah?

Flooring: A lighter or mid gray lvp to compliment (~$3 sq ft material) Cabinets: White shaker style (Lowes/Home Depot, Readily Available with little lead time) Countertops: White Quartz with black veining to match black matte finishes if the return on investment is there or just a nicer laminate (calacatta marble natural stone look)Finishes: Black matte for a modern look or the classic brushed nickel.

Hi Arya,To appropriately model this, in my opinion I would add a minimum of 10% vacancy due to the commercial nature of the building.

They have a good reputation from what I've seen but does anybody have a long-term track record with them in Memphis or Little Rock.

However, their 38 page Prop Mgmt Agreement for OneRate is daunting--it lists many exclusions to their obligations such as any damage caused by force to a surface (whether from tenants, animals, roots, wind or other force of nature, etc).