I would basically do what this owner is currently doing, which is more or less property management.

I was a product manager at Santander Bank helping foreign buyers invest in U.S. properties.

MANY self-managing landlords violate Florida law and don't even realize it... they just get away with it because the tenants don't know. 

I have long wanted to purchase new construction but I'm well aware of the premium that's built into the price.

I am curious what expenses others pay through their property management LLC on behalf of their rental properties.  

First property has been renovated, leased, and managed in line with all timelines and expectations.

In today's world, unless you are looking for a job to manage the investment, there is no reason not to look to a state that is more landlord friendly.  

I agree with @Michael Plaks - having them provide financial and tax strategy together is not necessarily a good thing.Interesting to note - all of the largest asset management / financial advisory firms I work with...none of them do tax work, they all coordinate with a tax firm to address those needs.There are true "fee only" financial advisors out there. 

Even in a perfect market with low interest rates and high resale numbers, and the perfect Contractors and Property Managers.....

Unless it is completely managed by a property manager, it will involve work from your part.