This is especially true when the lender plans to balance sheet the loan (like many credit unions do).

. $790k turning into a multimillion property seems like it's too good to be true.

MKE is still a great market, but quality investment grade properties are not exactly cheap and that is probably true for most Midwest markets.

Personally not a fan of out of state BRRRR.I think it's a recipe for disaster and having been in the game for 10+ years, I've seen the disaster first hand as I bought hundreds of deals from disgruntled out of state investors who thought they can do it themselves.My property management company has doubled in 12 months also due to out of state investors getting caught with a poor property manager when trying to do it themselves from afar so they come to us for help 🤷‍♂️I'm seeing many investors buying D class crap on the MLS for too much and that needs work.They end up being into the property for 30% more than they would be that if they just bought turnkey.A true turnkey provider will find the cheapest/best deals through a variety of acquisition methods, renovate well and sell for fair market value (And manage in-house).If things go South, they are solely to blame and the penny drops with them.But with DIY, who is to blame?

While this is true that NY State is not landlord friendly/2nd behind CA in its laws as being the most tenant friendly, I find it a bit strange agents will often try to talk someone out of property.

True but I feel that is the case with many insurance companies.

And when they do, it defeats the purpose.A true lead is someone who expressed interest in YOUR service.. not just  ANYONE's service.

If you want to be generous about it you could tell the tenants your operating costs are consistently going up (which is true), share the current comps with the tenant, and ask them what kind of increase they would be comfortable with.What are peoples’ thoughts on where rent’s should be set or the best way to get them up if you fall behind?

Can anyone tell me if it's true that there is also a monthly fee in addition to the initial $10,000 that you have to pay? 

If things seem potentially too good to be true, they just might be