Even with relatively high rates, deals are still moving quickly here. 

Real estate is an incredibly powerful tool to an investor in creating generational wealth.

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

If you do evict them they lose the voucher so there is a powerful incentive for them to follow the lease terms if you show the voucher recipient you're serious the first time they "try you."

Are you better served on a highly competitive offering with dual agency and dealing with the seller's broker directly? 

Im in NJ, but not sure it's the right market for me due to very high taxes and cost of houses. 

Seems like short term would likely generate more revenue but not really sure about profit when you consider vacancy and property management fees of ~30% (I would consider remote management but I would think cleaning fees would still be ~$400/mo. which is high).

The reason I stopped building new spec houses is because the market and the high interest rates.

Have they missed a distribution?

The problem I find is I don't like putting in that much time doing research and field inspections (300-400 properties per week are auctioned) for such low odds that the property will sell at a price I need it to.....either the plaintiff will have a really high max bid set (like the full judgement amount) or another 3rd party bidder will bid it up more than it's worth.