I've seen this relaxed to 2.5X depending on location and the price of your unit. 

Tenants late on rent, send your "muscle" to collect.

Do they flag stuff like a furnace or water heater that was replaced and didn't pull permit or are they usually pretty relax unless theres a tenant complaint?

The strategy is very similar to something you would use hard money for, but is more relaxed because you are living in the place while fixing it. 

@Jason Huff must have been a relaxing vacation without email.

Don't just work for it, because one day you are going to want to kick back, relax, and do other hobbies that make life worth while. 

To align yourself more with your investors, I recommend doing a performance based metric approach when taking into account the fees (Other than Acquisition Fee) that is paid to by the sponsor.For Property Management Companies, it astounds me that so many GPs believe that once they get a deal over the closing hurdle, they can relax and feel like everything will go smoothly because the Property Management Company managing the asset WRONG!!!!!

Please don't get me wrong, I completely applaud getting the knowledge, however without applying that knowledge, the lesson is never really ingrained, the muscle is never truly developed.

Our area is pretty relaxed (no parking lot requirements, retention pond, etc).

What steps are you absolutely performing every time before a purchase and which are you more relaxed with?