I will have to rely on a PM.

This is the source I am relying on: http://www.nonoise.org/lawlib/cities/sanjose.htmIt doesn't give a time or what type of noise would be against the law. 

It is true I am interested in more diversified markets,  although more diverse, places like Houston (based on my research) still do rely heavily on O&G based jobs, what I found indicated around 30% which is significant.  

When you're choosing an area to invest, you need to know it well and not rely on an agent.

Make certain that your opportunity cash flows positively and does not primarily rely on appreciation. 

However, I also understand that people will do what they set their mind to so the best advice I can give besides don't do it is if you do it, rely on an expert who has made it work to show you how he does it.  

I guess that works if you aren't relying on the income, and it doesn't matter if the tenants pay on the 30th instead of the first.

I am looking to slow down in my current job in the next 10-15 years and this would be a nice steady stream of income to rely on.

I wouldn't rely on wholesalers unless you have no immediate plans and don't mind on waiting.

Not saying the above didn't actually happen, but there are far more stories of people losing their shirts than the other way around in Detroit, because so many out of town investors were trying to cash in on the low prices, and they relied on infrastructure they couldn't fully vet.