Paying 10% to a PM company makes it pretty hard to turn a profit.

Often in partnerships you may have different agendas like one wanting a quick profit and the other wanting the tax advantages of a long term buy and hold.

Anyway, with a HML first and a 20% 2nd Gap funding the holding costs may eat up your profit if you don't turn that property fast.

So finding motivated seller leads give the seller or owner a way out of their bad situation, i.e. debt, and allows a buyer to take them out of the situation simultaneously finding ways to lower debt or raise value of the house to make a profit..

If you want to buy deals with no profit call me.

I've tried convincing my wife to do Airbnb, to offset the $15-$25k annually that we would be paying for the condo, but she wants this place to be solely our home.Looking for any creative ideas from this community.. its hard for me to justify paying that much unless we're actually living there for a majority of the year

Try to see who the major players are(They will be at every sale)  Watch what properties they buy then investigate the properties after. 

Finally free, I vowed to never own another rental property again after the experience.Fast forward to early this spring (2016); I had the good fortune of borrow a little known book titled, "Rich Dad, Poor Dad," from my good friend and proceeded to realize all of the things I had been doing wrong and how my financial philosophy was in need of some major retuning.

Typically this is going to outpace cash flow by quite a bit, but because of the lack of cash flow, you have to retain liquidity to handle any major expenses that come up.For instance... if you BRRRR a $75k home that rents for $900/mo and refinance all but $10k back out your probably looking at about $4,000 in cash flow over 5 years if you have a vacancy or two.

Buy a house for X amount, fix it up for X amount and sell for huge profit!!!