Then I would take a percentage of the profit to manage the fund.

I don't think you would even appeal to a small percentage of renters if you charged extra for them as most renters want the cheapest housing they can find in the area they want to be in.

**Disclaimer** Any percentages given are not accurate to industry standard.  

Loss is mitigated by small percentages for incidentals.

1) Internet2) Referrals3) Direct Mail to Long Term Owner Occupied in Neighborhoods with a large percentage of renters.  

Different banks will have their own rules for how long you have to wait, or what percentage of appraisal they will let you borrow against.

Many are from out of the area, and they don't even go into basic real estate law, little alone California real estate law which could cost a flipper some serious coin.At any rate, I am sharing my almost 2 decades of knowledge, only for a percentage of the deals I help you get/convert.Currently covering Santa Clara & Santa Cruz Counties, though can extend into other nearby counties for newbies that are dedicated & committed to follow through.Kenneth

Just trying to get a general number for planning purposes like 10%, 20% etc. is used up in expenses.Also do you find that the overall amount of expense percentage wise goes down the more deals you do?

Why are IRR such high percentages?

Some lenders will allow a seller second, but only up to a certain percentage - again, to make sure that the borrower has some skin in the game.