Factor in any deferred maintenance you may have to do (i.e. plumbing, landscaping, paving road, etc).

Where experience will be a bigger factor would be on short term rehab, bridge, ground up deals or on perm loans for pure commercial properties (5+MF or other commercial types).

@Jason DiClemente this is more hypothetical, but I see where I messed up there not factoring the 70% LTV. 

I am still waiting for an insurance quote to have all my numbers to completely analyze the deal.. but I have the general picture down its looking like after everything I would have around a 25K profit.Pro's in my mind=-It's a complete renovation so I feel like that would cut out the "unforeseen issues" factor.- I am very confident in my ARV estimate because I just bought a home on the same street a few houses down- I will be a real estate agent by the time I would go to sell this house so I could save money/build my network etc..- The home would likely not be hard to rent, it's in a great neighborhoodCon's in my mind= -Its a huge project and I've never handled a straight up flip project let alone one this big.

To have a good PM relationship I would think the most important factor is making sure your priorities as the owner align well with the PMs priorities for how they handle your properties.

There is another factor that contributed to the class A and B rental stability in Las Vegas: eviction laws.Eviction LawsIncentives are strong determiners of how people will behave.

However, in my opinion, and experience you need to learn and gain a great understanding, of the various municipalities, with respect to demographics, pocket market appreciation/ depreciation, pocket market economic factors, demand for the need to rent, the needs of tenants such as close access to transportation and shopping, vacancy rates, etc.

There is a lot to learn here and location is one of the most important factors.  

Sponsor experience and wherewithal and liquidity are important factors in these deals in my mind..

(I know, but it happens)Analyze their credit report and if you feel comfortable, do a background check and make sure their criminal history checks out.Another key factor is employment history.