I am a family practice doctor that just barely finished residency training.

We showed the bank our plan to improve the NOI by doing those things and got them to lower the down payment by 5%.

Small banks are usually the ones most willing to take a chance on local investors trying to improve the community.

I got the bids to show potential buyers the bid and a realistic cost of improvements to the home. 

The mortgage guys really hurting are the ones that built their practice on the low hanging fruit house of cards of artificially low rates, which is rate and term refinance business from a call center cubicle thingie.

Don't take what they say as 100% truth, but combined with other sources, this will improve the accuracy of your estimates.

Now I am doing this by hand (figure its good to get the practice) but no property that I know of (correct me if I am wrong) will rent for 3-6k a month (using the 1 or 2% rule to screen properties).

With that said, the margins are quite small, however, I'm sure there is room for improvement and appreciation.If you could, please, I'm not quite understanding the Management fee (I understand the 6% being on an annual basis of the $18.6k) - but then there's the $750 placement fee and 50% of the rent?

This community is amazing and nationwide multifamily real estate investing is what I do all day ;-)BTW, you may or may not already be practicing this strategy but save your time driving to places you probably won't buy anyway.

You have to be careful as a landlord to be in compliance with all current fair housing practices.