I aspire one day to get to that level.

Have a good agent now, (fingers crossed) so the stress level has come down a bit.  

Looking for a commercial agent to work with in the Fox Valley area (Brown/ Outagamie & upper Winnebago Counties).    

If homes are selling for that price level, that area doesn't support new construction in the area as it would cost much less to buy than build. 

You would not doubt stay involved for the comfort level your friend has with you but there are a wide variety of nuances with any commercial lease that would dictate the need for someone who specializes in the product type.

So eventually, a basic level of standard comp analysis will be required. 

Equity will at some level reduce a properties cash flow to a negative number and turn that investment into a liability.

If you want to be analyzing that many deals (even when narrowed down to 10 MSAs you'll be looking at a lot of deals), I would stress that broker relationships will play a major role in your success level, in terms of finding good deals.

Would fannie mae or freddie mac look at the vacancy % and is there a upper limit cannot go beyond?

@Chad Linn I don't see us getting to those levels anytime soon, but I do think we'll see the next several years with 5%-7% perm rates.