I am not following your math.

For quick math you'll need something to the magnitude of 200 units, call it 16 millions worth of multi-family.If you are looking for cash flow, maybe consider buying a business instead of real estate.

Most lenders are capped at 75% LTV on a cash out refinance, so something to think about while you do the math.

@Kevin Collins I apologize; my response came out a little rough around the edges and I assume that you certainly have done your homework prior too.... but that is a bit of my point... nothing will change when you go and work with a realtor and find investment properties yourself... figuring out what the property is worth IS PART OF THE ANALYSIS (if that's important to you) and because of this it is no different than other than you should now be verifying what the realtor will tell you it's worth as opposed to what the turnkey is telling you. 

It sounds like you might be doing a little eraser math (making a deal work from not estimating enough for costs) so beware of that.

I am not sure how much you get involved but do your employees contact the realtor and discuss market rents, do the math to check leases versus market rents and which lenders use the "lesser of the two".Closing in an LLC versus personal name can also add a rate hit as well as Escrow or No escrow.

For property selection, choosing a duplex or triplex in a good neighborhood can provide steady cash flow, while adding an ADU to a single-family home works well in areas with high rental demand like Portland.

This requires doing math, patience and a learning curve.

It’s never as simple as it first appears, which is why we always advise our clients to let the math guide the choice.

The OP made this math easier for me, since he let us know that he is clearing $2300 a month after all his fees, so that means the only cost he isn't including in that $2300 would be his principal and interest.