Reason being, I hired a property management company (just now) and they're wonderful, they start officially in a couple days. 

The property is only 9 years old so that's why I put only $10k also, they are opening a new company that will employ thousands of people nearby so that's why I put a 6% income growth and only 3% expense.

These groups are goldmines for finding mentors, reliable vendors, and other investors to learn from.Property ManagementChoosing the right property management company can make or break your experience.

Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence.

You could likely get into a rental with a DSCR loan at 20% down, which would be similar or less in terms of DP on an owner occupied loan via conventional financing in eastern MA. 

Our company is built to make it easy for everyday investors to invest in rental properties.

I concur with @Joe Davis and do the same with my company, however I refer other loan types outside of Transactional Funding loans to others.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

I'm a investor, flipper and property management company owner who specializes in central CT.  

We generally advise our clients to go ahead and pay the recapture rates if death is the alternative.The good news about recapture - the deductions are a deferred tax liability to you, and an interest free loan from the government.