I do have one question - I have a partner and we are looking into getting a properly together.

The specialist I recommend you have is an attorney to properly draft the documents and a title company to facilitate the deal.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

You've had lots of investors, nobody is complaining, you aren't over hyping your past deals but they are easily verifiable and have the proper filings.

Also reality is the only time you will get nailed for not managing deposits properly is if you use that money.

Quote from @NA L Harrison: It is irresponsible of you to take in animals you can't properly house.

@Anthony Sigala that "Rule" was created for mostly Class B properties BEFORE the Great RE Crash of 2008-2010.Values after the Crash dropped so much, that it could also be used for Class A rentals.Values are now more than their pre-crash highs, so the rule now only applies to Class B & C rentals.How are you identifying Class B & C submarkets in your area, so you can properly apply the rule to the right rentals?

So, proper screening is EXTREMELY important!

When you analyze a market properly (1% Rules aren't properly), you're analyzing all the properties in that market at the same time.It's even more dangerous for newbies to use any Rule of thumb.Rules of thumb are nothing but shortcuts, which seems to be the growing method of doing anything now. 

Sounds like its time to sell since the HOA fee just doubled which usually means the HOA has not been managed properly and failed to build a strong reserve account.