I have a property manager, but my checks are only a few hundred a month if I'm lucky after all the fees and expenses.

•Work with lenders that roll fees into closing costs(some hard money lenders do this).

If you signed a 3% buyers representation agreement and the seller is only paying 2.5% and nothing more then just ask that your agent amend the buyers representation to 2.5% so you are not on the hook for the last %I will say, some agents are VERY strict and won't budge from 3% fee which in my opinion is kind of ridiculous.If you are my client and the seller is only paying a 2.5 % fee I won't ask you for the additional 0.5%.

So a total of 10700 in permit and fees.

Around 2 years ago I did a condo with no exterior costs (the exterior costs were in the HOA fee) and calculated around $300 for a moderate size condo (3 bedroom). 

There may be some deferred maintenance you will spend money on.The purchase requires 20% or $30,000 down, about $2,000 in loan origination costs, an appraisal $500 and title and escrow and assorted fees like notary, recording and doc prep so add another $2,000 - $3,000.

As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

Could that possibly be your net income after fees and such?

You would spend far more on Marketing, background checks, tenant placement, repairs, and possibly legal fees with the eviction process.  

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?