These properties are in a smaller town (Crestline) but within an hour of Big Bear in the same mountain range. 

@Austin Styer along with @Wale Lawal's comments, I would focus on flipping a home that will end up in the median price range for a neighborhood, and not creating the Trophy home for a community.

I would identify a RANGE of comparable rent values.

If you've had a license for eight years and don't know how to get a PM license in your state, then I would suggest you don't have sufficient knowledge or experience to take on the responsibility, particularly in a state that is very difficult to navigate. 

I’ve also looked into 400-450K price range with 4 bedrooms with a cheaper mortgage, but also a lower cash flow, or just breaking even.

Value: While property management fees typically range from 8% to 12% of monthly rental income, the benefits often outweigh the costs by ensuring a well-managed property with reliable tenants and fewer legal issues.ConclusionWhether you manage your own properties or hire a professional, the importance of property management cannot be overstated.

Where population growth is stagnant or falling, the current housing supply is sufficient so there is little increase in prices.

I’ve received a number of responses from investors essentially stating that they use a simple buy/rent/hold approach in small residential properties, and have accumulated net worths in the 1 - 3 million $ range starting with just one mortgaged SFR. 

Your basic insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

With a strong background in both real estate and lending, I work with a range of clients—investors, builders, and developers—to help them achieve their investment goals.