@Nick BowesYou basically answered your own questions" 40k in, 70k ARV, rent is $1200, so in 4 years you make all your money back and you will have no issue at all :))Why don't they buy it all if it is that easy and sound :))Most of these houses are in rough neighborhoods,and the houses usually need more than 15k in them.Also prices are up, It would have been okay 4-5 years ago, now you will be in the middle of war zone.

Check and see if your planning and zoning department posts a Vision of the future and that will help clue you in to where the current and future opportunities are.

As long as your rental is not in a quarantine zone you should be good.

My kids are still both under 5 so we still have time before settle down on a certain school zone but we do want to stick to certain area close to hubby’s work. 

Any overall tips on red flags to avoid while interviewing PMs I might have missed?

That would still make this a nearly 2% rule, which in today's market typically means war zone.

RV/Trailer Park (pros: profitable with medium investment upfront | cons: lots of regulatory permits needed, and again not in an "activity" zone per se)5.

Zoned for multi-family but the seller was using the property as a single-family.

Also with converting a garage to an additional dwelling unit there can be permits and zoning to be concerned about so factor that into what you would have to learn about if you have not handled that before. 

Im looking to buy a home in Tampa FL and put an offer for a standard cookie cutter home in a non flood zone 2/1 SFR.