I'd like to hear from those that have or currently invest out of state/area and have dealt with not being able to walk through each property and dealing with maintenance. 

We recently bought a property that we have found out within the first few weeks of owning it that is has VERY SERIOUS drainage and humidity issues and lots of previous water damage that the sellers did not disclose.

@Chris SnowI would say this is not a good flip I think your best case scenario is your property appraises for $315,000 which means you're all in should be no more than $220,000 less rehab of $90,000 brings you to a purchase price of 130,000.

There used to be a classified section where people could list properties for sale.

We have a handful of properties in the cape coral area that we're trying to find cheaper insurance coverage for.

Cap Rate: Net operating income divided by the property price.

It sounds like you're in a strong position with a desirable property, and having $6k-$7k in cash flow per partner is appealing.

So, you will either get the property or a 20% premium to your investment.  

Assume the cost segregation firm identifies $50k worth of quick depreciation in your $200k property.

They get the advice, but they can't be wrong, so they buy a property in an HOA that doesn't allow STR and in a town that has groundswells against it and requires permitting.