Based on my observations, there are two kinds of investors.Those who buy for profit and those who buy for ???

What I see people say on here, and what I've observed in my personal life, is that PM companies are highly variable.Same thing with realtors, if you're gonna sell at retail.Are you comfortable with the legal aspects of working in a different state from your home?

Very close observation. 

As I said it is an observation based on a big assumption from one statement of yours....

Flippers and rehabbers get a stable source of funding that can scale (in theory) infinitely as they grow, and investors get a chance to earn stable, decently high returns - with limited downside in the case of well-collateralized land or development projects.Just my observations of the industry so far.

Not saying to ask your GC to hold your hand and educate you, but learn as much as you can observing the order of things, management tips, and note who is there doing quality work, etc.  

@Joel Owens Your observations reflect my own quite closely - especially since we are in quite different markets.

McLennan CAD Property ID:xxxLegal Description (partial):xxx Block 3 Lot 4B 5 Acres 0.2083 ADDRESS: 2222 xxxx Ave.Waco, Texas 76706-2906DWELLING: The house and outbuilding(s) located at the above addressSELLER:Maria S xxxBUYER:Waco House BUYER, LLCTERMS:$xxx CashTerms and ConditionsSELLER warrants there are no outstanding “fix-it” letters or letters of demand for repairs, code violations, hazardous conditions or red tags from the city, county, or any other government agency.Offer is contingent upon BUYER being able to obtain a standard fire insurance policy.BUYER agrees to waive standard lead-based paint and asbestos tests required for older properties—years built from 1938 to 1952.SELLER warrants DWELLING is “hooked up” and serviced by city/county water and sewer providers.BUYER has observed marginal condition of roof on the DWELLING.

I want someone who can go in and identify these items, spot the things that I have missed (I am an ungifted amateur at best, but at least observant :) ) and quote out the things to be fixed as well as a list of updates we want done.Any pointers much appreciated!

@Tony VelezThe 50% guideline is simply a statistical observation: looking at a sample of rental properties, over time the operating costs run approximately 50% of the gross revenue.