This apartment required a cosmetic renovation that is going to run me around $27,000 to redo.

Is the sum of the cash flow and appreciation higher than your required return?

The fix/flip might be a good way to get such a relationship started: usually has lower cash out of pocket requirements and you can sell the property faster to recoup the capital invested, plus any profits.

Please, no solicitations.Use the renovation/acquisition loan products that require 10% down on the purchase and you should be able to get a few going at a time.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

@Venka Pulla It’s frustrating when a property manager isn’t meeting expectations, but transitioning to a new property manager is typically straightforward if you follow a few steps:Review the Management Agreement: Carefully read your current Property Management Agreement (PMA) to understand the termination process, including any required notice period.

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

That being said, there won't be any down payment required since you have equity (you're guessing ~55,000 but I wasn't sure if you were meaning the property is ballpark worth ~$175,000, or more than that). 

@Brady Bitter these funds have margin requirements. 

Quote from @Jordan Kaylor: What is a “seasoning requirement”?