But what difference does it make if the leveraged portfolio earns an insufficient risk adjusted return?

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

"Separation" may not be possible, but I'd like to think of an LLC as an "extra layer" of protection, although you're not completely isolated from risk... just makes it harder for others.

I did not care about the interest rate much because I am thinking banking is like a leech sucking up your hard earn money.

I don’t have a lot of extra capital each month to invest in large-scale real estate opportunities yet, but I’m motivated to build up my resources and experience.

So you as an owner, would you be willing to ask for less to have your property rented quicker and "lose" the extra $1200 or so per year or would you rather lose that $1200 per month because your property is sitting vacant.In regards to demand, Cleveland is one of the top Sec8 markets out there. 

You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

The Seller’s earnings are around $300,000 for the past 3 years.

Going to repost and remove what they called Self Promotion:Ok, several things to consider but buying the rate down is NOT a way to earn more money for your lender.

I am wondering how best to truly know that one’s developers will produce what I expect, windows are usually a given😃 not all that happy with this extra thousand dollar excursion but I have definitely learned much.