What do your property managers provide to you for your taxes if anything or you you keep your own spread sheet?

That's too much of a spread for a property of this size. 

Focusing too much on the excel spread sheet cash flow will steer you to markets that are likely lower barrier with stagnant growth.

Get it under contract for a good price with a spread and assign it to the buyer so you can make money on the spread. 

If you merge funds with other investors or join an investment club, you can also invest small amounts in real estate syndications and funds, helping to spread out risk.

For us residential, it's the traditional lender that feels the pain.However as OP is thinking correctly, the gap or spread between riskless CD and equity investment is narrowing, maybe it's like 3% only at max.However, just think about if , if public interval debt fund like NICHX or Cliffwater can give me 8% why I do need to invest at multifamily equity. 

The first sanity check is if there is a sizeable spread between preferred rates and rates of return that LPs should be expecting on value-add projects.

40k spread in ARV is a lot . max ARV will be 65% 

Keep your growth slow & steady to be able to survive any inevitable challenges:)Some advice would be to NOT spread yourself over too many geographic areas.

Thanks JD, yeah I’m perfectly fine keeping money in the deal, I’d need about $50-$75k out of this deal so I can still keep a solid cash flow spread so not sure if I’ll even keep going down this road