This is the description of a home from a seller:This was an HOA foreclosed property and the 60-day redemption period is over and I bought it from the company that bought it at the auction after the 60 period was over.

Just make sure they specialize in tax and have significant experience dealing with real estate investors.This is the key, finding someone that fits this description.

I know this is a broad question and answers could vary greatly based on many factors including geographical location....but try to answer if you can offer any insight.Can profit/cash flow be made with new construction SFH rentals?

Great description of your first investment and congratulations on the success! 

Wait until you have to do an eviction (and you will), and you have to collect on their late payments, deal with the letters to your tenants, court filings, court time, etc......and as @Ralph R. pointed out, by doing your own PM, you are restricting your opportunities by limiting your geographical area to  distance from you. ...and, I have a hard time believing  you can't increase your income by more than $16k/month to cover that cost your PM costs. 

My argument to that is that it limits them geographically on where they can invest.

We're starting to get top placement for about a half dozen search terms targeted mostly by geographic area, and with some more work we should be able to diversify our standings for more and more terms.

But really, as long as the agreement states all the important information (buyer, seller, county, state, legal description--especially important, parcel # if there is no address, sales price and terms, closing date and conditions, etc), you can write one yourself.

Post 3-4 pictures on a craigslist with a basic description of the unit.

At this point, I cringe when a realtor puts "Cash flowing" into the description when even if its brought to market rents, its in the red after expenses lol.