Relying totally on your GC for everything can leave one in a tough position.

Kids are adventuring and walking too and from school unattended, people park where they need to, people use common sense to make decisions more than relying solely on the rules, etc. 

You said you went through a turnkey place, but did you actually inspect them yourself or did you rely on the inspector they picked? 

I recommend talking with your lender PRIOR to making the offer if you're relying heavily on this financing plan. 

I rely on the Fair Market rents on the HUD website, www.HUDuser.org and my rents are almost always above the median rents on that site. 

For those who are new investors and rely on these forums for guidance there's a few things that jump out and should be clarified:1.

Rely on industry acknowledged experts for advice.

This industry is so much more sophisticated and has translated a slightly better mousetrap into market share.

Happily take the appreciation if it happens but don't want to rely on it too much.

Your lender will probably require a certain amount of cash reserves so it would be wise also to look into lenders who might lend to you -- and get to know their requirements.Ultimately your expansion ability is going to hinge on your ability to borrow money, which to a part relies on how much down payment you can get.Just my 2 cents.