At first, it would be for smaller commercial properties, but if the relationship grows well and we make a good team, I'd love to scale up with them.Ideally it's a win-win for all:For the PM: They get a large chunk of equityThey get more business.They get access to my investors' capital for potentially future dealsIn a way, they eat what they killFor me: I look favorable to the lender with an experienced PM team as a partnerI'll get a deal under my beltI'll be able to get help with the downpayment, reducing the burden on my investors and myselfFor my investors Sure, they lose out on some equity, but they'll get a (slightly) higher return due to the lower monthly management feeThey'll sleep easy knowing that the PM has skin in the game and is experiencedTo be clear, I'm playing the long game, so I'm more than willing to do say, a 55/30/15 split with the PM/Investors/Myself and with a 3-5% monthly management fee.

I will say, as Joel mentioned, the loan term you ultimately choose depends on your goals.

However, we experience 3-5+% annual property appreciation.About an hour from me is the town of Greensboro where you can certainly find properties that hit the 1% rule, however from what I can see they have extremely limited annual appreciation.What separates a house as an investment compared to say a stock is that you have 3+ different ways to make money on a house (an investment property specifically).1) Appreciation.

Now let's say a diligent manger could have turned the unit in half the time, causing just 2 months of vacancy (very achievable). 

Say a 3 unit has rents each of $1000 so that's $3000 total, including the unit you will occupy after rehab, then $3000 taken at 75% is $2250.

I would honestly say a year or a year and a half max to see my credit where i want it to be (680-740) but I dont want to wait that time period.

(Say, a basement apartment or other form of house hacking?)

I'd say a SFR should generate at minimum 12% COC or $200 Cash Flow.

I will say, as far as cash flow goes the numbers here are a lot different than they are in California (fundamentals remain the same.) 

Here are some terms from the realtor:$200K with $2K EMDSeller pays title policyBuyer pays for Amends if neededSeller pays for $500 Home WarrantyBuyer pay for Survey if they do not have one to provide (because this is really just a requirement of buyers lender)Buyer pay $50 for 5 day optionWe DO NOT say AS-IS purchase so if something mediocre comes up in inspection we have some wiggle room to ask for it.Seller allows 21 day third party financing time-frame for contingent on loan and we also ask for an appraisal contingency.Are there questions that I should be asking that I'm not?