Property Management is critical to the success of an out of state investment.

Or the guy who kept a homeowner who was in bad straights from listing their home with an agent for a critical 30 or 60 days, causing them to end up in foreclosure when you fail to follow through?

Given our relatively short relationship I am not sure at this point how much critical feedback and analysis they will provide once I am in escrow if for example they think the deal is not worth it or if they would only be interested in getting the commission...

Nice neighborhood, near elementary school, mix of SFR and 2 units on the street.Here are the numbers rounded up using BP calculator, let me know if I'm missing any critical info to allow you to help.Asking $75KDown & closing: $10KTaxes $6600 (rounded up)Repairs: $30K (my rough estimate.

It's critical to use an attorney who specializes in landlord/tenant law, not divorce, car accidents, or personal injury.

Contractor can write a properly formatted competent estimate, has a proven track record of completed projects (especially: for Full / Standard 203k) finally one of the most critical pieces everyone always overlooks, they must have the financial resources to carry and deliver a project in a timely manner.  

One must always think very critically about hidden traps lurking in a deal and yet avoid the dreaded 'analysis paralysis'. 

It is critical that each of you is on the same page with regards to your goals, the expected amount of effort, the criteria for flips vs. b&h, the roles of each partner and just about everything else.Things are going to go wrong.

One lesson is to remain intensly focused throughout the process, but especially on the most critical pieces, like buying right, and managing your contractors.

This will be critical since you have indicated that the profit margin is very tight.