A big problem with the 50% rule is that the largest expense of that 50% is cap expense which tying it to rent rather than size, bathrooms, quality of products, etc. is flawed. 

Having worked many of these deals of all shapes and sizes, I recommend you give the above points thought first so you can uncover how intensive of an investment you want this first deal to be.

The next two that I have started are Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal Klaff, Oren and Making The Yield: Real Estate Hard Money Lending Uncovered Buscemi, Salvatore M.

I hope I'm heading in the right direction, I'm sure my plan is flawed, but that's what this site is for!    

Put some nice landscaping around them to up the environment, then as other pads turn over you have set a new standard of quality.What you are experiencing is, in my opinion, a fundamental flaw in the RTA.

A good PM can trump any flawed business process but there are good PMs where that misalignment does not exist; so, there is no reason to test it.  

@Ben Leybovich, I intended my comments to draw out their obvious flaw - because Daniel gave us NO reference point when coming up with his "is $600/m capex right?"

What you are describing as a "flaw" isn't a flaw...it's a restriction or limitation based on the market you are investing in.  

Due diligence uncovers something that most everyone agrees makes this a bad investment.I have invested in “3”, “4” and “5” deals.

But I wanted to see if my logic is flawed.