The properties are expected to be in reasonably close proximity to each other.

Not trying to pick a fight here, but these forums are quite impressionable on new or inexperienced real estate investors and don't want those who read these forums for educational purposes to believe they should expect or accept 1/3 deposits as the norm. 

If you are younger and seeking to rapidly build a cash flowing portfolio, if you are wanting to continue 1031'ing into bigger assets, or if you do not have the cash to take down entire deals without financing, leverage makes a LOT of sense.If you are retired (or rapidly approaching retirement with a level of uncertainty or concern about what your post-retirement income will look like), it could make sense to begin paying off properties so that you reach a point where your expected monthly cash flow will exceed what you need to live comfortably after retiring.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

I always tell people that when I got started in the industry, I expected future-me to always look back on the amazing deals I was able to close.

Had I set better expectations from the beginning maybe my experience wouldn't have been as bad. 

The longer it takes the bank to underwrite the loan, the more likely the loan request will be rejected or at best expect to receive less favorable terms.

I did not expect this thread to get this juicy. 

3) Aside from washing the walls or getting a full repaint quoted, would it be reasonable to deduct the expected cost of "Kilz" paint/odor sealant brand for effected square footage?

How much cash flow are you expecting?