It really weeds out the undesirable & high risk renters.

We charge1 months rent as a leasing fee10% of the rent monthly as a management fee Or a minimum amount per unit if it is in an undesirable area. 

@Jeff Lamothe What undesirable experiences?

But actually asking an investor to 100% fund it and get half, that sounds very undesirable.

You may have to renovate a property, building maintenance fee may go up, rent will come down and vacancies will rise as the old properties become undesirable with time.

If your rents get below market rent, it may never be possible to get the rent to market rate with the existing tenants.There is no better way to get rid of an undesired rent than to raise the rent above market rent and have them give you notice. 

Failing to do so may result in undesirable tenants and financial loss.Enhancements:Sometimes required due to market competition: For example, if all similar properties on the market have granite counters in the kitchen and your property has laminate, you may need to install granite to rent the property at market rate.Cost-justifiable enhancements: Changes that increase rent and have a reasonable payback period.The formula we use for estimating the payback period:Payback Months = (item cost) / (monthly savings or increased rent)For example, suppose the property has laminate kitchen counters.

The property needs some tlc which is why it's a good deal but the small things that need to be fixed have made it "undesirable" to the 2-3 carriers that are left in this area willing to write rental properties.

Ditto with the time and cost (possible evictions) of getting rid of undesirable tenants, not to mention the risk of additional unforeseen damages when unhappy tenants have to move out.Mom and pop owners are notorious for not counting expenses, not the least of which is their own labor and management.

A place where I see good money to be made is in houses that are undesirable because they are really weird but can be made unweird easily.