Here are the numbers:ACQUISITION (for purchase price, closing costs, lender costs, escrow costs): $434kREHAB (LABOR + MATERIALS): $102kREHAB TIME: 10 WEEKSHOLDING COSTS (MORTGAGE, STAGING): $16KSALE PRICE: $660KCLOSING FEES (Escrow, Taxes, Commissions): $58kPROFIT: $50KPURCHASED: MAY 2, 2017; SOLD SEPT 1, 20172.

The other person who puts time in could also earn a management fee of X% of rental income just like a property manager would get.

I have no interest in debating the pros and cons of getting a license, I am simply looking for suggestions on a brokerage who would meet my needs at a low costs (i.e. no monthly fees, but no issue with % of commission or flat fee on any acquisitions).Thanks - Mike

The numbers are from the property management company, in terms of vacancy, average lease times, renewal fee, etc.

Below is what you need to know that underwriting and programs guidelines don't tell you when considering a 223(f) apartment loan.AdvantagesHighest LTV in the marketEliminate refinance and interest rate risk with fixed rate terms up to 35 yearsLow fixed rates based on GNMA securitiesNon-recourse and assumable - makes for a great exit strategy especially in a rising rate environmentNo defined financial capacity requirementsNo geographic restrictionsNo minimum population requirementsSupplemental financing availableDisadvantagesLonger processing times - 120 days at a minimum (6-9 months is typical)Higher fees - HUD and FHA fees add to the overall cost of the loanMortgage Insurance Premiums (MIP) - Initial and annual premiumsAnnual audited operating statements requiredReplacement reserve escrows requiredHUD property inspections requiredOwner distribution restrictions and Cash out restrictions 2x a yearProperty condition is important to HUD, both during initial underwriting and over the life of the loan.

The numbers look good:Location: Broadway HouseNumber of Units: 1Rent: $1,350.00 Square Feet: 1,666 Upfront Costs:Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00Cash on Cash Return:19.84%Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20%Down: $19,000.00Capitalization Rate (ROI)9.05%Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88%Net Cash Flow per month per unit: $314.08 Term (yrs): 30Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40)Less: Operating Expenses: $(6,470.63)Less: Vacancy and Credit Losses (7%): $(1,134.00)NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee(30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

Personally when I rented I was always rolling my eyes when I saw a coin-op machine in the building and felt like that was just an extra hidden cost into my rent.

You may be able to charge some of it back to the Tenant by having a flat fee for the water/sewer/garbage that is most likely included in the HOA fee. 

Today I was at my Business Finance Course and we were talking about TAXES; my professor who shall remain nameless mentioned that "only ~1% of all taxes filed are ever audited" before he said that he was discussing tax deductions and how you can "tax deduct lawyer and attorney fees on business related expenses"(contract, legal and financial advice, etc.) 

They get a fee for placement right?