From what I have read, banks would not loan to new LLC's without proof of income.Furthermore, I have inquired for a lawyer's assistance with LLC formation and he quoted me $2000 to $2,500 for professional fees.  

No monthly fee; only income split?    

Setting aside 500 for property management and repair fees I came up with a offer of 135000 that will let me cash flow 400.

Now, they give me class training, field training, software access (monthly fees) and access to mentors.

If they ask for a pet, what should be the pet fees be?

The fee may be cheaper but Finding the lowest bid shouldn't be the driving force in your selection.Good luck!

the annual fee and the travel and time commitment was easily 30 to 40k .. a year. 

I currently have an FHA loan and was wondering if it was more beneficial to refinance to a conventional loan and be able to use FHA again on an investment property or just use a HELOC and avoid some of the fees that come with refinancing such as closing cost.

Do you prefer replacing a single larger roof or five roofs on five different homes; do you want to keep going from home to home to keep replacing water meters, or you'd rather fix one main unit that has all five units attached to it; do you want to  pay your attorney five times for five house closings or rather pay a fee once to close a five unit home.

They have started this program called Velocity which is essentially a permit expediting process (for a fee).