#9  SWEETEN the POT:    Do not think that paying extra rent is going to entice owners to rent to you. 

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

In many markets section 8 is higher than market rate. and investors need that extra return to mitigate the risk of sec 8 tenants generally speaking.

I've been on the western slope for over 30 yrs.I built my primary, its; Slab on grade, stucco, concrete roof, painted with E-84n roof soffits and tailings fire caulk (anti-ember) vulcan fire vents, 4 car wide concrete driveway, extra large house numbers, red 3/4" hoses on reals @every corner, completely denuded of vegetation 100ft.

If you don't intend to do that right away then do the 20% and save the extra cash flow.

I find tenants really appreciate that little extra touch on move in day.

Can you subdivide and sale extra land from these two properties?  

I have found that going that extra mile, like the couch covers etc and making sure the person with the disability has the easiest time visiting our place.As someone with a disability (I have a degenerative neurological disorder) and use a cane, I like to make sure folks with similar issues have a good time.

The pet fee or deposit for the move in of 2 cats (you did charge one, I hope) should have just about covered the extra anyway.