Even finding a distressed property rarely leads to enough cash flow to make it worthwhile, especially in today's high-rate environment.

However when he retires and I need a new manager, is there someone who may work for 5% or flat rates when he needs to meet with me or tenants,  and be a part time manager as I have decribed above?

They may want to come back and settle with you, to take it off their credit rating. 

But I think this is just the running rate.

Brian,I am a but and hold investor (central ma) who built a portfolio on prices and interest rates of the past.  

Some brokers are super nice and let your clients that are not under contract transfer with you. 

You might have to lower your cap rate expectations in the short term, but it's worth it for better long-term gains.

@Joseph Chiofalo has some great nationwide STR investment loan products and fixed rate second/Helocs for investors loans clients tapped into recently. 

I got a 4.75 rate 30 year fixed on an asset based loan in PCB, Fl.

It's a lot of work to transfer my units and I want to make sure I end up with one that I'm going to be happy with.