Quote from @Omari Atkins: Is it worth it? 

For instance, depending on your location insurance costs could be much much higher than indicated in the book, construction costs are a lot higher, etc. 

Quote from @Kim Atkins: I'm still kinda a rookie.

Pros/Cons, contacts even maybe, for instance how do you even acquire a loan like this, or is it the same as hard money dealings.

For instance, things like death, divorce, job loss, natural disasters, heath issues, etc may cause you to change your plans unexpectedly and may change what you do with your home as a result.

In most instances when one person is putting up all capital, best to enter into a 3rd party GC relationships rather than become partners.

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

Sometimes I do understand in day to day you do not get advantage, but there is always few instances where you may have felt it just was worth and paid for it to have a broker license.

In instance above if you put in 42000 and get 1200 a year - 1200 / 42000 = 2.8% Cash on cash

Technically nothing Anderson recommends is wrong but in most instances what they recommend is completely unnecessary.