I see a lot of people doing all these crazy calculations on 3 and 4 flat deals (When I started i did it too, ha). 

They called back & said no problem they had another friend bringing the Arm & Hammer Baking soda.

Ultimately your bet in keeping it is that expenses (hoa fees) stay flat and you see higher appreciation (especially in rent prices) over the next several years.

I was told they flat out said no and the student was pissed.

For some investors, doing a flat % isn't logical because a roof for a 1000 Sq ft SFR in a D class neighborhood will cost just about the same as a roof for the exact same house in an A class neighborhood, but the A class rent will be 2-3 times more than the D class rent.

But the nice thing about a commercial property is that you do have control over the value of the property. buy-out costs have to be baked into a business plan along with a clear understanding of what the property can produce over a given timeline. $2.2M for 12 units could be a really good deal in a good location with the right plan or it could be money pit and the end of an investor if it is in the wrong place or a bad building.

Those properties never made sense the day they bought them and debt service could not be covered by the rental income (if any).(2) this is the flat (linear) Memphis market and in neighborhoods where there is virtually no appreciation or depreciation.  

Some charged 75% of rent as tenant placement, and $90 flat fee monthly for management fee (I actually think select PM quoted this to me...?). 

LVP may not want to stay locked together if the floor isn't close to perfectly flat.

I've been investing in long term rentals for over 26 years and when I first was introduced to STR's I was very cautious because I flat didn't believe the claims of income or expenses and it is just such a different animal than long term rentals.