I have a client who is managing almost 50 doors by himself (no MF) and he has a bookkeeper on payroll plus a handyman on call (1099).

There are literally millions of examples all around you of millionaires (sophisticated investors and financial neophytes alike) that were minted via the SD RE market.

Torey Chumbley sophisticated investors look at return of deployable equity.

The next thing I will mention is those that operate as a different entity typically are not operating their company appropriately when they engage me and then I need to coach them to use their company appropriately and not commingle and to use proper payroll etc.

I think it depends on the sophistication level of the PM you hire. 

First post here but I've been incredibly impressed by the level of knowledge and sophistication of the community.   

Because of my use of property managers, don't need to track most property expenses in any sophisticated way.  

- Usually it's around 4-6% after paying all their expenses (which is basically their profit margin) including payroll for third party onsite property management.

there some raising money laws out there...REG D maybe....and it does allow for you to raise money from a few non accredited investors...but i would stay away from doing this as you can get into some issues if the property goes south and it could be an issue as non accredited investors are not seen as sophisticated by IRS standards.  

Please bear with me as this might not sound particularly sophisticated...I want to make offers on houses!