In terms of your comment "a lot of investors you may be competing with are goign to break even or even have negative cash flow initially". 

I would stay away from long term contracts and pay by the month to start if you are using a service and then after you have real world experience with it, you can sign on for a year for the discount.

All of my long term rentals are managed by a company; I have one property in my hometown and 3 properties OOS. 

There’s a lot of misinformation out there that is presented as knowledge.One can do a reverse exchange where one buys the new property first and then sells the original property after - all via a 1031 process. https://www.investopedia.com/terms/r/reverse-exchange.aspReverse exchanges do exist and they are “legal”. 

REO so negotiating was limited to bank terms.

Are they all long term?

Something to keep in mind when you are looking for stabilized loan options for the long term. 

It seems as if there will be some upgrading of the units, are you anticipating a sale or refinancing out of the subject to different mortgage afterwards or is that the long term debt instrument you want to keep?

We have done it all, as you have without spending a penny on gurus, and yes 150 bux to set up an LLCKeep crushing it bro,hey, call me when you can, I need 10 more props   It's Aussie slang mate heheIn American terms, "He is pulling your nose" hahahaAussie's are more rude so "Pulling your sausage" hahaSorry mate,Will try calling todayEnjoy the weather 🙏

For those not purchasing with cash, assessing income or cash flow can often come down to the terms of the mortgage financing for an AirBNB or Vacation rental.