I own and operate a property management business serving these areas.

We have grossed $300k in revenue over the first 12 months of operation, at a ~50% profit margin.

While using financing does mean I don’t keep 100% of the profit due to borrowing costs, it allows me to take on multiple projects at once and operate in higher price ranges than if I were only using my own capital. 

It will also allow you to focus more of your time and resources in the actual real estate vs. raising capital which usually leads to poor real estate acquisition and operational decisions because raising capital is your full time job leaving an inadequate amount of time for the real estate.OK, chasing 32unit apartments, acquisition priced between 3.2M - 4.8M.  

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Yup, I think if hired someone to do a job, that they have an obligation to do that job to fullest.

Best of luck to you.I think @Dominic M. did an amazing job, much better than me, on your post explaining how he would want to see a deal like the one you described.  

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

- Run your numbers (including all operating costs including property mgmt) based on current rents in AS IS condition and renovated.

I operate in the DST space.