In most states wholesaling operates on the fringe of legality because you should really be licensed in order to broker deals.

In most states if you are managing a property for someone else, you must be a licensed Realtor. 

@Lloyd PreeceRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

Thus - the reason for the post here. 

There is not enough information on this post.

This is a process post and not an advertisement. 

can you post all of the expenses?

Values have been dipping lately across many states. 

In my state you can post "pay or quit" on the 3rd day and post a late fee on the 5th day.