Anyone extra cautious with these types of investments right now?  

15 - 20 year hold time.The rental investment calculators show that the four $300k properties would have a lot more equity in the future and many times the cash flow after a few years, but does the extra maintenance, management time and expense, etc. outweigh the numbers?

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

To get access to Eric’s team you’ll be have to pay extra for a program called do-it-with you or do-it-for-you.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Finally, of the extra $200k, how much are you putting into operating reserves? 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

So, it's not like Scott had devised some extra default prone strategy to troll gullible fools, while making all his money teaching noobs to self-destruct.

As an example, we decided to replace the windows in a house we were renovating and ended up costing us $50,000 extra because we got into issues with permitting and suddenly found ourselves having to hire an architect, speciality contractors, etc.  

That could potentially take away all the extra from increasing $150 for several years.