In fact assuming attached 4 small standard San Diego units, my maintenance/cap ex would be $1200 or almost 12% in your scenario.  

They usually are high on estimated ARV and low on estimated upgrade costs.San Diego RE investing returns come from: appreciation, value adds, equity paydown.Value adds:Rehab: Standard BRRRRADU: have become popular in last 2 years due to changing CA ADU regulations. 

(This is in addition to all the standard stuff you will read and/or that your broker is telling you. 80% of agents fail in their first two years, I'm sure there is a correlation between the other 20% & 70 hour work weeks early on.)

Set a reasonable salary for yourself (based on market standards) to ensure a stable income.

This way, they’ll have a vested interest in maintaining high standards of management.To truly understand property dynamics and support the management team, I recommend spending time on-site.

If you are going to test the market with a new standard, be patient.  

When clients come onboard, that process should be explained in great detail and by signing the PMA, you are agreeing with our standard processes and core values.Far too often that process is never fully explained and/or proper expectations are not set, hence new clients try to tell you how to run your business.

I've found the easiest solution is to have a really strong banking relationship and then they will be able to provide non-standard offerings. 

I looked back at my tax returns when I was doing the conversions from my traditional IRA to my Roth IRA and realized I had converted up to the limit of my standard deduction allowing that amount to be tax free, but the excess above that that I converted each year was at the lowest tax bracket, so while I did convert some money tax free each of those years I DID IN FACT pay more than a few cents in taxes on the amount above the deduction.  

I do relatively well in my day job by today's standards but my hourly rate for self managing is closer to that of a surgeon.