And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

A typical rehab is going to be 3-4 months, with a month to list/rent.

If so you may have some full doc options which have the best rates typically and terms.Like others have mentioned you have DSCR loans too but this only allows you to purchase non owner occupied properties (not primary residence or second home occupancy type properties).

@Joy McQuearyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Mike Sferacorrect. one small tweak, if you're buying fixer, you wouldn't typically buy with a 'mortgage.' you'd use cash or a hard money loan. 

A six-month supply is typically considered a balanced market.

Quote from @Michael Smythe: @Christian Gibbs let's look at this logically.PMCs either charge a percentage of collect rents or a flat fee.If they charge a percentage of collected rent, they typically are incentivized to get a property ready to rent quickly and find a good tenant.-- But, what happens if the owner wants to drag out repairs with requests for multiple bids, takes weeks to review and approve those bids and then take even more time to send funding?

If it crashes hard enough, it impacts your personal finances, your relationships, and even your mental/physical health.With the exceptions of politicians and so-called charities, building wealth typically requires sacrifice and time.

We typically do 8% pref starting out day 1 and split of cash flow thereafter 50/50 between LP and GP or we as GP charge 10% management fee of NOI it just depends on the deal.

To estimate closing costs and monthly expenses for a multifamily property, closing costs in New York typically range from 3-6% of the purchase price.