If you have a great-paying, long-term tenant, a small discount can actually save you money in the long run.

Keep in mind of the I/O(payments/period) and game plan on how fast you'd like to pay it down. 

I asked if there was anything else we could try, he got very angry and demanded I pay him in full.

Who pays when the resident breaks the agreement and quits paying? 

Many groups buy cash flow negative deals and overraise to pay distributions right away. 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

From what I've seen in this area right now, it seems like you'd have a hard time paying market LTR rents and making a good spread. 

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

I have excellent credit and good paying job approval will not be a problem. 

You will be paying 6-10% for just having them collect rent.