After all expenses net profit should be $8000/month.

I found some cash flowing properties in Long Beach area which I think has a good upside in the future but the margins are pretty slim and post renovation you would be looking at 750-800k range.From what I've read, OOS is the way to go!

I have JV'd with this flipper on previous deals and we split the profits based on a percentage of how much each of us had in the deal.

Parking is almost always the start of any problems you might have with the neighbors, HOA, or city.It can be very profitable. 

I'm not sure why you would tie up your profit in a 1031 by selling.

and soil conditions can make owning rentals there NOT profitable for out of state investors. although with your down stroke you will most likely do fine..

One last point: It is important to ask if they have any limitation on the amount of profit spread between the A-B and B-C transaction.

It will be more profitable in the long run.Second, it sounds like you have focused on a geographic area in Florida.

Most beginners after their first year worry about how to deduct all their losses instead of how to reduce taxes on their (non-existent) profits. 

Hope you got a good margin on your property closing?