I understand that i cant wait for the stars to align and have the perfect 1st property just fall into my lap, eventually I will have to "just do it".

The long term average is always up for those who are willing and able to hold ... they just aren't making any more coastal land with perfect weather year round ... high demand, persistently limited supply.

@Brad GibsonSounds like you covered it perfectly, Well done. 

They get away with this because state laws generally don't restrict the fees, and HOA boards don't pay attention. 

If he's willing to violate the lease in one respect, you can expect he will violate it in another.Isn't it interesting that tenants only read the lease when trying to get away with something?

BUT, let's assume you've found the perfect PM company.

I know people try to get around the laws and you could get away with it, but it might backfire as well. 

For me, the most challenging part of flipping is getting the final touches perfect, dealing with buyers and getting to the closing table.

I think it is perfectly fine for a basic tax return; however, anyone with self employment or any kind of complication should avoid it unless they have technical knowledge.

@Julian Kinzie, this is a perfect example of a property that can be wholesaled. but there are things that you will need to explain to the owners before hand. and you should also be aware of it too specially having your real estate license..