Something to consider.Might consider a commercial Realtor for an initial lease up and not management, I'm not sure you'd get a quality tenant of CL, usually you'll find startups without much experience, their failure is your vacancy and late rent checks.

The amount of books that have been read, the amount of conversations that have been had, the amount of YouTube videos watched on analysis all were done throughout the entire process.The stress of constantly facing failure after failure (shady contractors, making a purchase based on emotions, managing the rehab incorrectly, choosing the wrong neighborhood) broke us down and built us back up.Now, we have a specific vision and a very set plan on how we're going to execute the next purchase.

I’ve coached newbie investors and newbie agents so seen a lot of successes and failures.

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.

Failure is not an event.

Typically you want to be within 10% of your budget and anything over that I would consider a failure regardless if it were because you underestimated the rehab or surprises hit you.

The failure rate is very high in our industry. 90% of licensees quit within their first 5 years and I believe we've already lost a decent chunk of our competitors in the last 30-45 days.

@Andrea Mansulino  Give them and serve them with an eviction for failure to pay rent. 

I also don't see any failure to pay or 2nd mortgages. 

I've also managed rehabs from 2+ hours away with early failures (learning opportunities) that lead to later successes - it gets easier.