You will not always be perfect but that's the standard you should strive for.

Once at the syndication level with $1MM, one can either invest passively by seeking those returns you strive for, sign on the debt as a KP with liquidity, or both. 

@Mark Fries this is a great thought experiment and I would venture to say these are goals we should all strive for.

VACANCY is going to be your BIGGEST hidden cost while using a PM if your PM is not on top of it, they should be listing your unit before it goes vacant, they should have a fast make ready time of days not weeks, they should be striving for long term leases, the should be building rent escalation clauses, etc.These are all important and that is why I say negotiating with your PM is a bad idea because you could pay 6%/mo. on management fees and lose because your vacancy jumps to 15% through evictions, property destruction and other items that your PM should mitigate or you could pay 12%/mo. for a PM that is able truly take the stress out of your investment and make it cash-flow beautifully --- So it really has to do with what services are included in your program and what GUARANTEES they offer.

I think the LTV ratio is ultimately up to each investor, but the number you mentioned is what I personally strive for; 50-60%.

I strive for about that return year 1 of a single purchase and mostly have achieved it.My view is the OP either has to increase his cash flow significantly ($400/unit could work) or invest in a locale with historical appreciation that is above the inflation rate to obtain a return that is likely to be impactful to his life. 

However, holding appreciating properties at the right time will make you positive equity.In addition to cash flow, we all should be striving to create equity in our properties. 

Put 20 percent down and strive for 7-8% cash flow plus some equity pay down.

I got to say you have shared much experience, knowledge, and goals to strive for not only on a post count but your business as well!

Find an agent who strives to write policies that are customized to the specific property and that will not allow the insurance premium to hinder the performance of the property in any way.