Please critique this business plan

[Joshua Wilson]

In advance, let me say thank you for the feedback.  I'd love the good and the bad.  Balance out my expectations if parts of it also look particularly good!  Thanks to @RyanMoeller for the template from his post here.

1. Mission Statement – I work to acquire Multifamily rental properties to generate at least $5,000 a month.  Allowing me to be a stay at home father and support my wife's medical and missionary life goals.
2. Strategy – While maintaining my full time position I will acquire *plex properties at a minimum 10% cap rate.  Initially focusing on the sub$100k market and moving into larger properties as deals/income permit.  For the first two years, all profits will go into property improvement, maintenance funding for the properties, or saving as capital for further acquisitions.  Utilizing the domino affect of a growing portfolio to allow for exponential portfolio and income growth.
3. Market – Hillsborough county within 30 miles of the Tampa city center.
4. Criteria – LTV - 80%
   Annual gross income - $15,000 annual
   max purchase amount - $100,000 (Pending revision after growth)
   max rehab amount - 5% of appraised property amount
   max timeframe - 2-3 months? I'd love input on this, I am not even sure how to determine what a max timeline is or should be for buying a property. I'm treating it as maximum time from offer to closing.
   Constructed after 1985
5. How to find deals, marketing plan – Acquire my real estate license for access to MLS, agents, online searches, direct mail to lists, other? This is the 2nd biggest mistake, investors do not find good enough deals and it all comes down to marketing and persistence with their marketing plan.
6. How to finance deals – This is a grey area for me. As I'm just formulating this, I'll put my expectations. I intend to use conventional mortgages. Focusing on 20% down and loaning the rest to net positive cash flow is the goal. Seller financing if it helps skews my LTV positively.
7. How to do deals – Working with a licensed broker/realtor in my area I'll complete the purchase. Perform cosmetic repairs(paint, fixtures, or cleaning),  Hire the appropriate repairman based on recommendations from property management company, turn the property over to property management company, oversee applicant process and tenant placement,  maintain property until my cap drops below 5% then exit.
8. Exit strategies, Backup Plans – Unless capital would be used to purchase further properties, use seller financing to sell the property and maintain an additional(unmanaged) long term ROI.
9. Team & Systems – Realtor/broker to do initial screening and for acquiring properties.  Everything but the closing can be handled remotely.
   
   Property Management company - Manage tenant and property autonomously
   Using property manager vendor recommendations makes this simple
   
   QuickBooks Online with accountant access - autonomous accounting
   
   Local Real Estate Attorney -
10. Illustrate example deals – See below for description from ideal property found on loopnet.
    
    3 bed, 1 bath floor-plan. Built in 1987. Over 1/4 acre lot. Unit A leased at $799. Unit B (currently vacant) previously leased at $799 (vacated 7/31/16).
    
    Cost Analysis Performed as Rental Property
    In:
    Rent - $19,176.00 (Verified as accurate)
    
    Out:
    (Annual) Actual Taxes - $1,433.00
    (Annual) Estimated Insurance - $1,342.32
    (Annual) Property Management (Optional) - $1,629.96
    (Annual) Estimated Utilities/Lawn/Vac - $1,917.60
    Total Costs - $6,322.88
    
    Net: $12,853.12
    
    Earn:
    Total yearly net equates to - $12,853.12
    Total monthly gross equates to - $1,598.00
11. Financials – Due to my personal finances being intertwined with my financial plan, I'm going to leave this vague for the purpose of this post.  
    Income:
    Enough to cover these expenses with a comfortable buffer
    Expenses:
     ~$3000/mo($1600/mo mortgage, $400/mo car payment, $600/mo utilities/food/gas/etc..., $400 living money)