It amazes me how many people don't think using a realtor is a good idea. 

The two main vehicles there are DSTs (mentioned above) or using a Tenant In Common deal that may have better returns and liquidity.

As an out of state investor, I would suggest using a property manager.  

(You’ll be stuck under market for all time, so maybe different strangers but same story.)3) if you aren’t using a property manager I’d suggest you ask one how much they would charge and what it would cost you before doing anything.

For those of you using a property manager, if there is a late fee assessed for late rent does your property manager keep that fee or remit that to you?

Just because some people have popularized an unethical, dangerous and marginally legal/illegal approach to using a certain strategy does NOT make that strategy itself unethical, dangerous or illegal when used correctly. 

As an aside, we purchased using a bird dog.  

We are currently starting to do flips to fund our STR acquisitions, are people typically buying properties through wholesale or using a realtor?

Kevin,If you are using a 80% LTV on the $412500 then yes, $11K.

(On a non-BP podcast, I hear the speaker suggest using a VA to do this same analysis.)