CapEx would go ideally below the line (so after your Net Operating Income), but you could account in the expenses a repair and maintenance reserve so yeah would agree to have something in there. 

Ideally my first deal would be a flip in the low 100k range.

Do It Yourself (DIY) and syndication can co-exist and provide a platform for you to grow, learn and make money...I think its ideal as you spend the next year learning from books, BP, syndicator deals you are intentional in, etc.... 

Most of the notes I deal with are already set above the current interest rate, some way above (ie 14%) so a 1-2% increase wouldn't have much impact.

I think one of the strongest draws of Rochester is definitely the great schools, and I'd love to rent to students ideally.

Not a bad idea Lance if you could find a lot with allowable zoning for that..which might be pretty tough.

There is a lot of money that has been flowing from the Bay to here making some of the transactions seem less than ideal.  

Not an ideal location for Corporate opportunity....most people who do work corporate jobs commute to the city (Grand Rapids) and this significantly affects how property in Muskegon rents (interest, length of stay, type of renter, etc...)

But the location (being on a major road surrounded by apartments) is not ideal for our children.  

Pacolet Pointe contains an ideal unit mix comprised of 8 one-bedroom units measuring 616 square feet each, 4 one-bedroom units measuring 588 square feet, 16 two-bedroom units spanning 777 square feet each, and 8 three-bedroom units encompassing 936 square feet each.