Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

Mortgage rates at 7% 2. 25% down3. 10% of current rents budgeted for capex, monthly repairs and maintenance and property management fees. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Below are some actionable steps I plan to take after identifying a market:- find a rock star agent by referral and/or calling brokerages and asking to connect with their top producing agents- find a rock star contractor by referral and/or yelp- have control over construction by setting per diems to incentivize contractor to finish the project on time, within budget, and with good quality- leverage my rock star agent's time to check up on the construction process (checks and balances)- hire independent handymen/inspectors to check up on the construction process for a flat fee (checks and balances) There's competition everywhere, you won't escape that in any market. 

We need to close in 1 week and worst case I may need to buy all cash and refi to a different lender losing my property inspection fee the lender charged.Is this a townhouse or condo?

A follow up question I now have would be do you think its smarter to completely pay off the first property before buying a new property or to keep going out and buying new properties once i have enough saved up for the down payment along with extra fees?

Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon. 

Situation 2: You are paying for your brokers fee:In this situation the seller has declined to pay for a buyers broker fee.