I think the idea makes a lot of sense and is something I have recently begun looking into.

Ideally you've of already visited the areas you're targeting so you have a sense of the vibe of who's renting, what they need/want, where they go, where they work.Now let's pretend everything went smooth, you're either going to work with realtor to get it rented or a PM.

If funds are kept in the 457B plan, they can be withdrawn before age 59 1/2 without any penalty and only subject to ordinary income tax.Depending on your tax bracket, it might make sense to withdraw additional funds to invest in real estate instead of doing so in a SDIRA.  

I am curious if others think this is a good deal and to jump on it or if it doesn't make sense (if so, what am I missing?).

I would just reach out and interview all of them and go with the one the seems to make the most sense.

This makes sense since the PM has a system already in place, knows the community and the clientele, and probably has much better resources than the out-of-state investor has.  

But since most refuse to follow common sense advice, and gotta get a good healthy dose of a bad tenant experience in order to learn, consider doing the following:   Collect or you pay 75.00 and do a more extensive background check.Require a $500k non-refundable Pet "Fee,"  Not a pet deposit, but Pet Fee. 

Makes sense.

Understanding these mechanics will give you a better sense of how you can use your skills to add value to an operator.

The numbers make sense but it's a large job honestly I am a bit nervous.