Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

Since pro forma's are a projection they are as good as their assumptions, as an investor, you need to agree with the underlying assumptions. 

I do generally agree that once someone has their person, they are not going to be very open to switching. but if you can prove yourself with someone building that team, you may find yourself in a great position. 

Make sure your wife agrees with this plan, though.

@Michael BeirneI agree with @Drew Sygit about class D properties.

Not only for the census ending in 2020 but also the projected population from 2020 to 2025.I agree that population increase is important and should be factored in when analyzing a property. 

That i agree.

I agree , my plan is to refi after the 2nd year hopefully if rates drop.

I have spoken to NW, but I am unsure I agree with their ARVs and Comps yet still exploring that option.

It's been a long-time dream to do a new build and so I'm actively working to find land and begin the process.I agree that the profit margin you post seems very small.