Upon sale, gains are taxed as long-term capital gains, calculated as the sale proceeds minus your adjusted basis (initial investment reduced by any return of capital).

Would love to be able to reduce the fee down to 10% or so, would really help with the numbers (although I think it would still not cash flow).

You need to be weary of that and reduce liability as much as possible. 

Increase earnings, reduce expenses, save up, and invest.

This resulted in longer times to re-rent and well as reducing the rental pool.

It may be time to refresh the photos in your advertisement and offer a move in special with a reduced first month rent. 

In this context usually what happen is there're longer flattening period or reduced price growth once the immigration stopped, just like Austin.

Most sellers will laugh when you ask them to reduce the price by 3% because you're not using a buyer's agent.....You can buy and sell your own  properties without a license anyway...  

I again state the problem is with the underwriting.  8.5% vacancy, pm 15%, 25% turn over (using my reduced numbers) or 37.5% using your actual, my minimum maint/cap ex would be 50%, prop tax, insurance, missed payment (seeing my vacancy only included the one month turn over), P&I?

Lastly, having a reserve fund is key to offsetting unexpected costs, especially with reduced cash flow from the loan repayments.Hope this helps, and congrats on tackling creative financing!