In the grand scheme, they will be far lower than the operating ratios of any stock market company.It's what you keep that matters: To focus on any particular component of an investment strategy results in missing the big picture.

Generally, the key component of being a "property manager" is having control over tenancy and over finances - meaning you approve or deny tenants, arrange for evictions, hold rent funds, institute late fees, make independent judgments about home additions/repairs, and get paid for doing some/all of the above.

If you're self-employed, the Solo 401k will likely be the better fit for you.Here are few Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You can take participant loans from the plan.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.If you're not self-employed or if you have a business with employees, the self-directed IRA will be your main option.

In addition, their obligation is to inspect only “readily accessible, visually observable” systems and components of the home. 

I am not sure how you can build new construction small projects  and make them pencil. and then with 20 unit and more needing affordable housing component NOT ONE permit has been applied for for a 20 an up since the law was in acted.. so the law is there but the free market is not going to participate so there will be no affordable housing unless the City state keep up with low cost bond issues and tax credits for developers. 

The capex could be on the low side too depending on WHEN the major structural components have been replaced.

Add to that the emotional component and the fact this is typically the largest purchase someone will make and it’s easy to see why people aren’t that price sensitive and why outside/expert help is considered useful.

I truly believe our financial education component plays a significant role in this, conveying the moratorium has zero protection to the impact of credit reporting showing past due and accruing amounts, that tenants may DEFER rents which means still due and owing just payable at a later date, AND the impact of a deferred accruing balance and potential for future evictions.

The college I attended did a similar project and hired out the development of almost 400 units to a known and respected developer from the area (this could be a critical component... he was known and very well established).

So in your turn-arounds and in any repair fixes, make sure you or your contractor use top quality (not always most expensive) components and quality service (by you or someone else).