We converted to a self-service model a few months after we took over, which has substantially reduced the workload. 

I suggest focusing on properties that need cosmetic work in order to reduce overall risk, while keeping access to a good ARV.

Employee salary deferrals (pre-tax or Roth) are subject to Social Security (6.2%) and Medicare (1.45%) and must be reported on W-2 Boxes 3 & 5, though Box 1 (taxable income) will be reduced for pre-tax deferrals.

Have you considered creative financing options like joint ventures or seller financing to reduce reliance on outside capital?

The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

I'd look into sound reducing alternatives before you throw the baby out with the bathwater. 

You can find both and you can reduce the commission but you may need to do more work.More specific on your questions about price, that is also negotiable.

The problem is that your debt payments are going to basically wipe out that $400K profit unless there is room to increase revenue or reduce expenses.

Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

Ask your PM how to come up with some strategic incentives...possibly listing high and reducing every 7-10 days until it's rented, offer a move in special, a gift card, future rent credit, etc. 4.