There was an article published in Sept 2024 that showed the average consumer would save over $10,000 by working with a broker vs a direct lender over the life of their loan. 

Their might be some wiggle room if what is being collected comes in over the market rent however for the most part the market rent would be the preferred guideline and any deviation from that would be up to the lender that you are working with.

If you have never done a project, let alone over state lines, then I probably wouldn't recommend it.

Based on the questions you are asking I think you need to spend more time listening to podcasts like Bigger Pockets and Bigger Pockets Rookie.

Hard Money finance, with about $5k of my own funds going into some over-budget costs.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

We were considering averaging the utilities over the past year for the property and charging that average as a flat fee for the tenants.

Is the state a fan of those who manage in this manner, not so much, but a good reply is why they don't take issue with the countless employed non-licensed managers at apartment communities all over?

I'll also add that guidelines change over time. just because they don't like it now doesnt mean they wont decide later to be okay with it.  

I’m not a big phone guy but I’d be happy to reply over and over to DMs or emails.