Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

Depending on the loan product, you may be able to exclude business debt once the business has paid the debt directly for 12 months.The income and losses related to the operation of the entity will affect the income side of your DTI (like Jay explained) if you own 25% or more of the entity.

I understand that they operate in real estate under one of a few exemptions from registering as a security with the SEC.

The new facility, dubbed "Arsenal 1," will encompass 5 million square feet and is expected to start manufacturing operations by July 2026.

The bigger issues that need to be addressed by the operating agreement are how you deal with disagreements. 

You didn't mention where you are operating, but depending on average home prices, I think you'll be ok.For instance if we're talkin $500k homes, and if you will get a 2.5% commission, split that 50/50 with your Broker, you will end up with $6,250 per sale, right?

Paul has started at least 3 separate threads in the past few days announcing to the world the success he's having with section 8 rentals and repeatedly reminds us he doesn't have a clue how to calculate the true operational costs associated with these properties. 

It is clear from the interview that their main skill set is raising money and they partner with other "Co-GPs" who focus on the operations. 

A lot of operators don't focus enough on the asset management component and rely too much on the PMs.

So your 35% operating expenses makes sense and seem plenty conservative to me.