A goal of 40 doors is theoretical and likely just matches the income that you want to get to that ranch, but managing 40 doors, especially when they are broken up into 15-20 properties is a bear for you or for property management fees (especially so if they are not all near each other).

Quote from @Juan Ruben Cortez: I believe the funding fee is 0.5% of the remaining loan balance, plus maybe another $500 - $1,000 in lender fees. 

My lease has a sublet fee (2 weeks is guest by lease more than 2 weeks in a year is sublet) that is costly enough ($100/night per person which is about what a cheaper hotel is here) that makes sure tenants do not have others move-in without informing us.

Second, as sponsor you want a 1 - 2% annualized return asset management fee AND 20% of the profits after the investors get their money back.  

I used Hostaway for the last year and the they recently snuck in a 1.8% fee for our direct booking site.

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

As you get larger, you can typically get better management fees, but you typically won't shift from a flat percent to percent + payroll until you get closer to the 40-ish unit range.

I’ve heard from Forbes that local lenders in Omaha tend ot waive fees if you bundle accounts.By the way, has anyone here used HELOC funds for mid-term rentals?

We recently looked at a property outside our agents area (2 states away) and found a fee that was added which we questioned and were told it was a mistake and was removed . . . not sure if it was a mistake but be sure to read these new contracts BEFORE signing as things have changed since August.

Most turnkey companies proforma does not tell the complete story and that is why is called "PROFORMA" OR "PROJECTION", they don't account for the true vacancy, leasing fees, holding costs, and Headache factors that come with a Class C and D properties and neighborhoods.Hopefully, they can help you get to 100% occupancy and sell the property so that you can re-invest in a better neighborhood and relatively newer property like 2020 or newer if is possible in that market, or just go to another market you understand better or have some kind of connection with.All the best and keep us posted on your progress.