The 'shovel-ready' value add will be a compelling feature but could cost a lot.

For all of our clients we have everything from contractors, maintenance, lenders, property managers, and inspectors we recommend and work with everyday that can help get the information you need to make an informed decision before buying a property and help manage the property. 

Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.To find out about an area go to IREM.org search for ARM certified property managers.

recessed/sheetrock is a low cost, no brainer improvement that sells.

But when I got my first bill from the attorney for 3000K+ I started to worry about how high legal costs could get even if they buyers dont win.

Is it better to go with a property manager considering I won't be in the same city?

My property manager sent me an e-mail asking if I would like to renew for month-to-month, 12-months, or 18-months, etc.

If you do end up going the regular rental route and want to self manage, check out evict.com which is one of the premier landlord/tenant attornies in the country.

My $10k example was admittedly unrealistic.However, by way of further background, @Dustin Heiner wrote an excellent article on this topic on his website masterpassiveincome.com titled "What to Do When A Buyer Backs Out From An Assignment Of Contract".In it he suggests a scenario where the assignee decides not to proceed, perhaps after discovering a big ticket repair item that would cost significantly more than the portion of the assignment fee held in escrow. 

I don't think it's necessarily a bad investment even if your costs exceed your income in the year you're starting out.