That deal sort of fell in my lap so I'm doing the due diligence to ensure it's a win win, but it is a bit off course from my main focus of buy and hold sf and mf down the road.

I focus mostly on ocean front, bay front, and sometimes a block or so to the water for year round vacation rentals. 

It seems the cons are rather obvious (diverting my focus and attention, having to find another network of professionals I can trust, less economies of scale, more travel) and I'm not sure there are a whole lot of benefits.

I focus on vacant land and have had great success but I would like to dip my toes in the housing market by acquiring a multifamily property. 

For example, if you're excellent at SEO or website design - going online might be the sensible option to focus on.

I planned on doing the minor cosmetic fixes i know i can handle (sheet rock, paint, trim etc.) but my main focus is going to be managing the flip as a whole (contractors,scheduling) creating a system, and setting up the next deal.

I’ve been trying to stay focused in that aspect also. 

My brother and I really wanted to focus on BRRR but as people have noticed, really hard to make it work in LA.

I am a partner and co-founder of Blackworth Capital, a company that focuses on purchasing real estate through out Florida, and am interested in growing my business into Atlanta.

There are prolly some other items you want to do before needing to communicate with a CPA.1) You should develop a real estate strategy based on your strengths - Will you be a buy and hold investor, fix and flipper or focus on short-term renting.