Your expenses seem mostly reasonable, but I would suggest that vacancy is more a function of the landlord than the location.

So if an investor provides 250k for me to buy 1-4 family properties, or small mixed use properties - is taking a 15% stake reasonable or excess to perform the described functions (assuming investor agreement).  

The most fulfilling aspect was having developed a product that had a high level of functionality, fidelity, and luxury.

Keeping active all day long in the field would keep me awake.Now that I have a well established business (Insurance), behind a desk, I find I can get away with 5-6 hours a night for a day or 2, then I can tell I don't think/function as clearly by the 3rd/4th day.Ideally I like to just wake up naturally, which is usually 7-8 hours of sleep

Is the garage still functional?

I don't care how good your CF is, you are not going to drive the IRR strictly on CF - Bob knows this, and this is what I think his argument is.Now - with this being so, in the apartment space appreciation is a function of value-add.

Use the key word function to be informed of topics of interest.  

The place doesn't even have a functional septic system and is in very rough shape (I plan on $100K in reno) so I am not sure how they are going to move in let along get financing for it. 

I could have the studio portion of the property (now functioning as the living room/kitchen) maintain its shared entrance with another unit in the property.

In Washington they would need to go to the department of licensing and fill out a affidavit for lost title which would function as a temporary title until the replacement comes.