My thought process going in was that the roof would be 1/4 of the total rehab budget.

It also sounds like you don't fully understand the laws.I took his post to mean that originally the tenant was paying the full rent by making multiple payments late during the month, but then started to fall more behind by only paying a total of 50-75% of the rent each month.

Will the ratio of apartment renters to the total population go up or down in the future?

You can still have an operating agreement that everyone agrees to and it will accomplish the same thing.One thing I forgot to mention is what I did with a business partner is we have 50/50 ownership, but one person has 51% decision power.

I’ll never understand people who cede total control over to a property manager (including letting the property manager own the listing, OMG, never ever ever do that!!)

I forgot to mention the chimneys/fireplaces are not operational and will only be kept for cosmetic purposes, and I don’t want to spend the money to completely remove them.  

I totally agree prices on the West Coast can be a hurdle,but with the right team, BRRRR is definitely possible.Wishing you all the best. 

Dallas-Fort Worth is a smart choice, man the growth there is off the charts, and there’s plenty of room for first-timers with the drive to go all-in.I remember helping a buddy of mine who was in a similar boat to you, he was switching from a totally different career and diving into real estate.

I have a totally separate LLC bank account for all REI expenses as well as a separate business CC and Lowe's CC.

So let's say hypothetically you can go up to 6% in seller credits, but your current total seller credits is 4.5%, you could increase your closing costs by 1.5% by buying down the rate.