I know PM eats into returns, but I've seen several posters/bloggers/article writers who have made this model work.

Suspect areas can have more damage to the unit,turnover,non payers,and excessive management fees (sometimes 12%).It's when you have to deal with problem tenants,evictions,repair issues,etc. that it can take up a bunch of your time.The rate you mentioned for management is normal for my area.Investors only see how much PM's make and PM's see it mainly as a thankless job that pays very little.I can't speak for them but this is the consensus I constantly hear.I looked at the model years and years ago and there is no money in it for a massive headache as a broker/agent.At least not what I classify as a needed return to justify it.Make sure if you use a PM company that they do it full time so they will have systems,processes,and experience in place with contacts as well for repairs.You do not have to use their repair people but it is good to have the network there if you want it.Also build in the PM cost when analyzing a rental and offer accordingly.HUGE MISTAKE is not including PM fee and say you will do it yourself.You try for a few months and then get into a nightmare and no longer want to do it.You hire cheapest PM as you did not figure into your numbers and then the problems start happening.Make sure you include immediate capital repairs to get rent ready when buying and set your reserves as well for vacancy (still pay mortgage if not cash purchase)as well as unexpected items that go out.You have to decide what your main investing goal is.People I know that are already wealthy will spend more to have a property in a nicer area with less cash flow but more appreciation long term and use it more for a tax shelter and refi down the road to buy more properties.Others have it for more cash flow and some appreciation to hold long term and others who want to quit their job and eventually do RE full time are looking to take their small amount and get the biggest bang for the buck regardless of how big a headache it is.

and have a paper trail, and a list of exclusions we review periodically to our business model.

I am in the process of starting an LLC, and I am taking Excel Modeling classes, but I feel like I do not know how to exactly get started...aka, make money, with acquisitions....Any input is appreciated.

AROI can also be adjusted to reflect down time, which our model does.

Prices are inflated beyond what a discounted cash flow model would say the investment is worth.This is also a big part of the reason why multi family dwellings (MFDs...for the other poster that asked) are more desirable from my perspective.

Essentially, current scoring models treat multiple inquiries in a short time as one inquiry.

That does not mean it might not have a place in your business model but it should not BE the model.Buy and hold is the only strategy that fulfills the goal of financial independence through real estate investing.

And what is the business model behind Facebook at Work?

I'm submitting an offer today in South Jersey and ...my scope of work is a bit different than yours but I'm budgeting 50k for renovations. 3 bed 1.5 bath rancherNew RoofFull mold remediation in one bedroomFull basement demoAdd 4th bedroom and full bath to basementFinish rest of basement, including can lightingRefinish hardwood floors on main levelNew carpet in bedrooms.New KitchenNew AppliancesFull renovation of full bath Replace a few windowsReplace several interior doorsClean pool Basic landscapingRemove old shed and add a new one.If I am able to go under contract I will need to bring contractors through the house to validate all of my pricing during my inspection period, but I built my cost models by reading J Scott's book and then spending a few hours at Lowe's and Home Depot researching material prices at the low, medium, and high end.