But AirDNA seems to show that there are studios and 1BR properties taking in upwards of $500k per year with 85-99% occupancy.

Depending on your income You get to take depreciation off your regular income (usually up to $25k) of 3.6% per year of the building’s value.Many of your everyday expense can be deducted from your income as business expenses. 

My ultimate goal is to have $10k net cash per month from my long term rentals.

I didn't have the time to fix and flip, or buy one single family home per year, and try to manage it.Two big differences between SFH and Multifamily.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Lets just say you found a property, did your research and came to the conclusion that it would rent for $1,000 per month, but the minimum that you'd rather rent for is $1,250 per month.

In any event some lenders will count up to 75% of gross rents as income while recording mortgage, taxes, insurance, HOA fees as "front-end" debt payments.

The total listing fee was always split between both firms then, too, when both listing and selling firms represented the seller.

I believe the biggest issue is it's not profitable for developers to build medium tier priced rentals so instead they are focused on the high end which gets the highest rents per a sq ft, I do not see the rental supply side changing.