We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc. 

So the only money out of pocket is any closing costs that don't get worked into a new loan.

It has been a very bad and costly experience. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Ofcourse my mistakes would cost me if done all my self as well.So i am thinking that by going through paid consulting, it saves me from mistakes and time.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

The cost to do so was 50k to join.