. $1200 CF, $2500 principal pay down, $2000 appreciation @ 2% equals a 24% annual return on a 20 down payment plus $4k in closing costs.

Out of town, high percentage POHs, and a lack of park experience, are all components of an equation that equals potential disaster. 

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.6.

I want to preface this by saying that not all investors are created equal.

If I plan to have them both under the same LLC they're already going to be at equal risk if we are sued, and I don't really plan to default... so please explain what else I'm missing, I'm eager to see the other side.  

You can’t buy typical value add deals as the requirements are such that you need to improve the property using investment equal to value of the improvements.

The face value of your money is equal to the same thing inside your rental (equity) as it is outside your rental. 

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.6.

For Fix & Flips 90% PP 100% Rehab - There are 100% financing options as well if you can secure a property under 65% LTV - You can also establish a LOC equal to 10x your liquidity up to $20M if you will be doing a lot of BRRR deals - PM me for options

All three must work as one as each is dependant on the other two "equally" for your success.When I do market analysis, I don't use/follow pretty much everything you mentioned above...probably about 80% of what you listed above I either ignore or go in a different direction.