In my mind PM HAS to make money on repairs etc.

Repaired, reconfigured, and replaced most of the house.

You are only budgeting 3% for repairs and that might be ok immediately after a rehab, but a few years later that may be back up around the typical 5% that most people cite as a reasonable amount to budget. 6.

Reason being, it is nearly impossible to make repairs to the rubber roof once this stuff is on it. 

Then you can take possession, make repairs and get it back on the market. 

Many investors, like myself, just hold TItle personally with homeowners/landlord insurance, umbrella policy, and keep the property in good repair. 

 $45000 x 70% = $31,500 - Repairs = offer price (typically).  

I'm looking at 185k with 5% down but it seems that in factoring in all other expenses (vacancy, capEX, repairs, utilities, management, etc.)

That means that you need to learn what a properties After Repair Value (ARV) would be.

Existing tenants claim that they are generally happy with the property and don't have any complaints or repairs that they've requested and they've just renewed their lease 2 months ago.What I like about Hemlane- Cost: Even at the most expensive package offering for full repair coordination and access to a network of service pros, its still cheaper than the property management companies I've spoken with.