I believe the LOI is a great method to capture a certain level of formality while serving as an ice breaker to start the conversation with the seller.  

There are a number of factors you can use to justify a mid-level or higher fee, such as whether there are shared hallways that will require upkeep and cleaning, is there any outdoor space, landscaping, snow and ice removal, if there is a parking lot to maintain, how many tenants (this is obviously the biggest one), and whether you will be charges gross rent or collecting and reconciling CAM each year. 

@Matthew Kern, also if someone slips on "your" snow and ice, they will sue you, not the tenant.

It's icing on the cake, but what you really want to focus on are the economic and demographic trends of the markets and then the financial factors that make for a good cash flow market or whatever your particular goal is.

I always calculate my expenses at the high end and if my numbers still work then its a go, because anything extra is just icing on the cake.

My plan was to follow up with a text message with website link (which I just set up) buying4cash.com - While working Full Time until Im established enough to make the switch to wholesaling Full-Time I wanted to try to develop a system that didnt require me to try to grab each incoming call, but rather be able to return the "cream of the crop" at the end of the days. 2.

The tenant told me the ice maker in the fridge (10 years old) is not working.

Forced appreciation is great through rehab or tackling mis-management but just regular appreciation is just icing on the cake.  1-4 units is a world with residential agents, lenders, property managers, etc.  5+ units is a different world with different brokers/agents, lenders, etc. 

Think of it as putting a small amount of poison in a gallon of ice tea.

No water, no ice machine, and a 3 year warranty!