I can only see the benefit of forming a self performing property management company if you believe you can be more effective on cost and service than the local 3rd property operators and even cost can be tricky to calculate because most focus on the management fee that's charged rather than the cost to put out fires when they do arise.

In order to harness as much of the effects that add to your net worth you want to buy as many assets as you can, and as much quality as you can afford.It is very tempting to go into cheap neighborhoods, but especially with the old housing stock we have in the Midwest capex will exceed cash flow over time and you are not building equity.Consider your first deal a proof of concept.

Do you focus on building relationships with a few reliable lenders, or do you keep your list broad?

This will help you become more confident and attractive as a potential partner.Remember, building relationships and trust takes time, so be patient and persistent.If you have any more specific questions or need further guidance, feel free to ask.

This in turned caused a dominion effect of other tenants wanting to leave.  

The relationship is more important than any one transaction. 

My partner was on the acquisitions side of things, so he is extremely knowledgable in novations and creative ways to get the property under contract and I still have an extensive list of buyers, I have built very good relationships with from when I was doing dispositions.I am open to any thoughts on the best way to start and I am open to networking with any one to hear how you got started and what you would do differently now that you have more experience under your belt!

I believe they likely will talk, they share a back deck and am concerned the different rates may negatively impact the relationship if that scenario played out.

Do you know how to manage your relationship with your lender?

Dollar/sqft is effective.