I think the problem is this...Legislation and government is making it too difficult to be a landlord.

Real estate is capital intensive; so, that makes it more difficult to scale (despite leverage). 

Still, considering how difficult it is to find a good real estate focused accountant, limiting your search to local providers usually gives you too few options.Expand your search to include remote CPAs.

Sadly these tend to be some of the most difficult properties to sell. 

I too believe that economies of scale will will give us more bang for our buck, but since MTR data is fairly new, it was also difficult to analyze the profit potential for a new 4plex.

In addition, committing ~ $200K requires some level of sophistication on the part of the investor and you are more likely to find someone to agree to your terms in smaller transaction sizes, but even that will be difficult. 

Without the complimentary service very difficult to make meaningful margin. 

I cut off PMs that constantly try to find ways to add revenues by what I call trickery; selling some 3rd party service that they have contracted to all their clients, recommending small fixes turn into large one's,etc, make it difficult to get 2nd opinions. 

But, you can use the fund money as part of the down payment for different projects that are a lot more expensive.Since these deals are pretty small, I’d rather just have one off investors that want one to three properties and that want to be pretty passive, do these deals with me.The management of the 20 properties shouldn’t be too difficult.

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO.