You don't need to make all your money on your first deal, but if you crash and burn on the first there will be no second deal!

I can give you a crash course in them anytime. 

I arrive the day of to investigate. 

The 10% is probably for ordering items and being there when goods arrive, unboxing and removal of packing materials, assembling any furniture that needs it, placement and moving things around, putting up artwork, and washing new plates, silverware, cooking pans, coffee carafe, prewashing all sheets, towels, and linens etc. 

We advertised it as a "bonus room/ office" and I think that helped attract the right applicants (they were not expecting a 3 bedroom apartment and then arriving to find out it was only 2 beds with an awkward bonus room).  

Curious how you arrived already at Phoenix and Tempe while skipping over some other areas.   

Yes, the cost matters, but it's more important for an investor to understand how the cost is arrived at!

When the World Trade Center was crashed into, the owner collected double on the insurance policy but then had to give half of it back.  

Lenders generally rely on formulas when arriving at the loan amount they are willing to extend to you, the borrower.

But lots of people are just looking for a place to crash and don't care about that, at least until they get there and find out the place is a dump.