The hedge funds aren't in it for a true buy-and-hold game plan -- I've identified other properties in my target area held by the hedge I just bought from, and am asking they're interested in selling any of those too. 

Not to replicate them, but to help identify areas where I can exploit and provide a better solution (such as quicker turnarounds between renters than some of these guys' typical 90+ day average).  

Now Shane, on the other hand... it depends on if he is actually leasing and/or renting the property (meaning on NC Standard Form 410-T (or equivalent) is he identified as the Real Estate Management Firm or "Agent") or is he providing other services?

Look up imputed interest by IRS. you'll need to be careful about keeping above these rates.. also be prepared for downpayment and identifying how long seller might consider carrying a note. this will affect cashflow .

@Sam Leon South Florida's main outlaw biker gang is, The Outlaws, if you see any identifiable markings of their motorcycle club, or 1%er, things of that sort, you may want to steer clear.

I think I have identified a solid, rehab & flip, in my local neighborhood community.

One of them, Partner A, needs to do a 1031 exchange into the new property (which we haven't identified yet). 

The difficult part is identifying/finding the deals and being able to secure the funds to complete the project.If that is your goal, I would highly suggest you check out The Book On Flipping Houses.

You can't find the quality of work today that existed back around the turn of the century.As others mentioned, the trouble is in identifying any work that has been done AFTER the original structure was built and determining if it was done right and up to today's standards.  

It begins with identifying your ultimate 'why'.