If I were in your shoes, I would first evaluate the area, and if it fits my criteria and I know what kind of tenant I can put in there I would continue to the next step:Finding out how much it would cost to rehab and what kind of rents I can achieve. 

If not and I could carry the cost then I would also keep it.

I've also used GC's to complete full rehab jobs & depending on how much work a house needs and how comfortable I am with the rehab, often times I will sub out the work to different painters, handymen, electricians, plumbers, etc instead of using a GC.The more I do this the more comfortable I am managing the jobs myself and it often times saves me significant amounts of money on the rehab costs to just sub out the work vs using a GC for the full rehab.

Entry costs are lower out of state but I have a great Real Estate agent with a vast network I can capitalize on. 

The risk is if they stop making payments, then you would need to foreclose and that could take a long time and cost a lot of money.

Generally I look for median homes price & income levels close to good transportation & decent schools. 

Is it out a window, pinched by a garage door seal, a walkway trip hazard, or just fine.  2) The NEMA 6-20 plug is a good choice for low cost charging. 

Our area is not unique, this is a nationwide issue (opportunity) for accounting firms.In the end I think many would be well served to think of their CPA/EA as they do an attorney - while they can also help provide planning advice to better structure your tax life and save some money, a portion of the cost is just a cost of doing business - you are required to be compliant by the Feds / states / etc, and the CPA/EA is insurance to ensure you get it right and stay out of their way.

If your PM doesn't already have a retirement plan, there are credits right now against the costs of setting one up and training. 

Your "gross profit" for flips is going to be what the property sold for minus all Cost of Goods Sold for the property (purchase, closing costs, renovations, holding costs, selling costs, etc).