If you find someone that seems to know a lot of people needing your services, wouldn’t it make sense to focus more resources on them?

So your 35% operating expenses makes sense and seem plenty conservative to me.  

The deal didn't make sense.

Just ensure the agreement is clear and formalized.Pooling reserves across properties might make sense if you’re confident in your cash flow and other contingencies.

Quote from @Mike Levene: Thanks @Scott Trench this makes a lot of sense.

Really only makes sense as @Chris Seveney mentioned if you have a solid, long term relationship with the seller and you are doing a very high volume rehabs

@Adam NewmanWhy not put 5% down or go with the FHA loan if the numbers still make sense?

Now if you have say 75+ doors and the economics make sense, you could hire someone on salary to be your dedicated property manager and specify exactly how you want things done, vendors to use etc. 

It just doesn’t make sense to me. 

I would like to pull out equity from the homes to build either a house on each or an ADU (they are zoned multi-family) depending what makes the most sense on returns and what is feasible.