What I've found so far is the property has to be self-managed for the first year and you either need to live in it 14 days or 10% of total days it was available to rent, whichever is greater. 

We self manage the STR, all other properties are managed by a property manager.

Some guys try to put their entire business into it but in my use it lacked in basic lead management.

Try to find someone who has a lot of property management or investor experience in your market. 

It typically falls into 6 months of gross management fees on the low end and a year and a half of gross management fees. 

I'm the principal broker for Hardin Realty & Property Management -- We encourage agents to invest and complete personal transactions!

Looking to get started on flipping. I have the entire network and work experience in place. 

If you can manage to get thru to someone by phone to guide you thru, it will go much easier.

Also important is being able to find a reliable property manager in the area.I'd love to hear from local investors – am I looking at the right areas?

Additional expenses include property management at $142/month, property tax at $1700/year, and other costs like insurance and maintenance.