Much respect @Marshall Downs!

@Bar Mandalevy I have to respectfully disagree with John Anderson.

Using gross rent percentages of 8%, 5%, and 5% respectively that would be another $12,960 off of your NOI.

With respect, private money is not a commodity item like a book or laptop that you can buy online, and perhaps enjoy the protection of a credit card.

He's responsive, smart, and respectful of tenants and landlords while doing his job extremely well.

This means that each owner is a shareholder and subleases their respective unit from the corporation (does not own their unit specifically).  

I am wondering if CC&R and bylaws belong to the public records at respective county.

But if you are communicating verbally, at least you can both walk through the logic of the offer with the listing agent....and show the listing agent that you respect their time by not wasting it. 

This might not be right question to ask given how situation specific it is, but what would be a cash flow difference to aim for with respect to how much I could lease the property for and then sublease it?

My plan is to purchase a few turnkey properties, use the cash flow to pay down their respective mortgages, then 1031 exchange them into a MFH complex.