Is there an entrance fee?

These are fixed expenses.Then take your total income less your fixed & variable expenses:$2200 - Monthly Rent(220) - Capital Expense (roof, etc.)(220) - Property Management Fee (you could do it yourself)(110) - 5% Vacancy (money set aside each month to cover future vacancy)(110) - 5% routine/emergency maintenance(150) - Water/Sewer/Trash (I pay ~300 every other month in Tacoma)(1600) - Mortgage (hopefully includes PITI)(210) - Negative Cash Flow/month.... 

Brokering real estate transactions for a fee requires a license in the state of Tennessee.

Since people pay a fair amount of taxes (similar to NY and CA) the least they expect is free of charge public services Here in LA people have to suffer a burdensome and highly dysfunctional planning administration asking ridiculous amounts of useless studies and documentation, charging insane fees for very bad services.Architects and owners have to deal with up to 10 different agencies with their own requirements, timeline, fees and applications, resulting in massive delays and costs over the roof.

But the fees on a $100k property start to eat into the cash out.  

You probably got the management fee by calculating the rent times 10%. 

Do you look for a certain percent return or a flat amount?

There are no lawyer's fees, survey costs, environmental studies, inspections .....

Dealing with D class tenants in SB is no joke and something a person has to be truly prepared to take on for pennies.Lets say we rent a D class house for $500/mo off Olive Rd. and charge a typical 10% management fee.

Then you'd only need 3-5% down....some lenders are even offering 0% down but there is a bit of an extra fee.