Start local and small, then grow from there with experience.

Best bet though is a local community business bank.. 

Are you local to Richmond? 

What's the zoning on the property and do you have a relationship or contact with the local rep? 

Are you considering expanding locally or branching out to other areas?

He is a wealth of knowledge on the area and is actively investing locally as well.

I looked at local companies, and while many locals have great boots on the ground, they lack the economies of scale and systems like what Avantstay uses to attract, vet, monitor, and enforce. 

Network with local investors to understand what formulas they're using.3.

Not likely), vacancy (@ 8% for me), and a possible PM (10% normally).I recommend you reach out to a local seasoned investor and have them run your #s with you, as the #s depend on how you manage it (how hands on you are) and also local pricing.

Are you focusing your efforts in/around your local market?