I do believe with commercial loans the income producing aspect of the property is what is considered, not your personal income.

Limitless Real Estate Group LLC - Property ManagementWe handle every aspect of realty management - General maintenance and upkeep- Demo and rehab construction- Lease processing and renewals - Tenant selection- Screenings, background checks, deposit collections and lease agreements- Property repairs- Rent collection

That's also one of the aspects I like about note investing is multiple exist strategy and can be a future discussion with JV partner if a rehab would be best option or simply sell as is.   

Any advice on whether or not it is good to have a focused strategy/target or more of a broad less defined strategy. 

What will define the success of the group?

Your original question was "What am I missing to make this a good deal" - what defines a good deal to you and your investing strategy? 

I have a few properties pre selected, will define within days.I would like if experienced investors in that area could point me to proven Property Managers, good, honest and inexpensive. 

I recommend taking the lists above, defining your criteria, and analyzing many offerings before investing. 

I would suggest start by defining exactly what it is you are looking for.

There are two aspects to analyzing and buy and hold deal in my humble opinion, and especially a deal involving Multi Family Units. a) The Property Condition and Rehab required:  This is something you should be able to, and probably should do independently.