Plus, it gives you more control over quality and timelines.

Buy quality, if that means every 2-4 years not annually so be it.

That could mean poor tenant quality, which could lead to them not paying or eviction.

Sponsor quality far surpasses the "deal", assuming a qualifying criteria for a "good sponsor" is that they don't buy crappy real estate deals to begin with.Having said that, if a great sponsor is offering a deal you don't like for some reason, don't invest in it--just wait for the next one. 

If you flip your flooring upgrades and appliances will probably need to be of higher quality vs a rental.

Course of prior conduct may be used to determine what constituted acceptable quality.

The point is that San Francisco RE is likely to do outstanding overs long hold period.  

Professional staging, virtual tours, and high-quality photos can help them envision how the space fits their lifestyle, whether it’s for entertaining, work, or family.To overcome the “biggest house in the neighborhood” concern, shift the focus to its uniqueness and lifestyle potential.

Not that that means anything good or bad :-) But if you want high quality genuine coaching about investing in Philly and at a reasonable rate, I can  connect you with a wonderfully savvy, professional investor who does coaching.

The best way to estimate expenses is experience and knowledge of your specific asset type and market.For vacancy, that will depend on your market and the quality/desirability of your type of unit.