For the property taxes, is that figure truly representative of the actual expense or did you simply choose a percentage of your expenses to allocate to that figure as well? 

Depends on how well the funds will be allocated.

In low rent areas, it is my belief that the 50% rule should be allocating higher than 50% to expenses, other than the debt service, if you are hiring out the work.If you do the easy tasks yourself it will help your cash flow. 

@Albano with Cost Segregation, Bonus depreciation, and accelerated depreciation, many investors roll their equity into large mf deals to avoid taxes and diversify their allocation!

I would allocate a lot more for maintenance/cap ex.

Allocate a lot of budget for them.Good luck

A 25% loss feels a lot worse than two 13% gains.End of the day, I just decided that I preferred to manage my own capital than to allocate that job to someone else. 

@John Corey this makes perfect sense, so I think it will be easier to raise funds since we have identified 70% of funds allocation.

The other allocation could handled with a 1031 which would keep you in the game tax deferred. 

They you can do supply and demand around your property allocating just a portion (say 50% if the circles over lap by half as an example) of the properties from 6 miles away as competitive against your supply.