I also think outside the box and really like your idea here. 

We see typically 1-3 % for acquisition fees (keep in mind money is spent by sponsor in due diligence that can be lost if determined not to purchase so some risk there for GP), 1-3% for asset mgt fee to manage the property manager and ensure the business plan gets implemented, disposition fee of 1% optional.

I spent some time investing with my father in the Georgia market, but never took the plunge myself.  

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Essentially is as follows:New Lease Fee (one month’s rent) + Expected Missed Rent + “Refresh” Cash(Refresh Cash = the amount out of pocket to prepare the property for new tenants, after tenant deposit is spent)It looks like this:(A/B)+(A*C / B)+(D/B)Where:A = New lease fee (1 month's rent) ($1,000)B = # of Months in lease (24)C = Expected # of months vacant in-between tenants (1.5)D = “Refresh” Cash ($500)In this example:($1,000/24) + ($1,000 * 1.5 / 24) + ($500/24)Which is:41.67 + 62.5 + 21 = $125    which is 13% of monthly rent in this scenarioThe equation allows me to make a judgement call in many different scenarios.

How much time have you spent in Richmond?

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Box 500Chino, CA. 91708

I just spent the weekend there a month ago.

And I spent the winter evaluating the area.