The risk of negative cash flow here comes from the high leverage though, not from the market.

We aim to start with flipping houses to build capital for more significant future investments.Currently, we are exploring the option of finding a partner who is a resident of Australia and has funds to invest with us.The high cost of properties in Sydney is challenging ($2M), so we are considering exploring a more distant but cheaper market.Is it a reasonable strategy for first-time investors?

If the property manager is named on the contract, then the property manager can represent the owner in court.This may not apply to your situation, but I highly recommend you read the law or speak with an attorney to understand your options and which method is best for you.

Deal details: $800k pp, 1.5 back end high seasons jan to April 15-25k, low seasons 8-10k

It's also about understanding the market, having folks or a team there that can help you, and making sure it's viable for you personally.If this property checks those boxes, ignore anyone that downplays the returns not being high enough.

I currently have a large 1/1 with a ton of space in a highly desirable location in Chicago.

I live in Southern CA where cost of living is high as is real estate.

My local town I am in prices are way way to high. juat trying to snag my first buy and hold desl.  

So- at 3% vacancy, if we don't have a new lease signed within 3 weeks, we are priced too high. 

I think in some markets ( like Hawaii that has sky high electric bills) it could.. others probably not.