Additionally, there’s quite a few factors that can impact pricing there: I’ve seen out of area/uneducated investors buy properties for 50% more than they should because they didnt do their homework and find out the flood zone will screw them now and forever.

His rent would only be the cost of PITI, so this would not be generating income, yet it would provide additional write offs. 

Once I feel confident on the gnarly stuff (which often comes after talking through the details with the other pro in the office, and doing additional research to substantiate my work), I move on to the less complex pieces. 

The PM maintains a list of vendors who they vet and must ensure the vendors are compliant with their operating standards such as having a Certificate of Insurance naming the PM as an additional insured, receive invoices from said vendors, pay vendors, checks vendor work (in some cases) and ensure the invoice is appropriately accounted for in the asset/owners account.  

Invest in a receipt book or create a receipt that you can send electronically.In addition, check the landlord-tenant laws for your jurisdiction.

In addition I will do this out of state and while working a full time job.

If I was working with a client who didn't have a lot of money up front, I would probably charge a smaller flat fee in advance to cover my risk, with an additional contingency when the deal is consummated. 

Additionally, by purchasing in your home area, you may be in the best position to feel most confident in your research. 

Hello my biggerpockets friends,I was told that in my state we need to have an additional form for the lease agreement that the tenant will sign agreeing to transfer the utilities over to their name and that form can be submitted to the local utilities and if the tenant doesn't start the utilities then the utility company can turn them off. 

Additionally, I have done a good job finding property taxes and market rent for these properties but not as much luck with water, electric, and garbage.