At a very high level, we offer our private lenders a percentage return on their money for lending it to us for our deals.

I would have to get rents that would cover mortgage and all house expenses and taxes, along with a percentage for myself.

@Scott S.Thank you is these percentages of the rent?

Keep in mind the land value needs to be removed for calculating your new annual depreciation amount.Also, if the property inherited has multiple owners, owned by a trust with multiple beneficiaries, etc.. then the depreciation calculation and step up percentage may change and will need further review by a professional.   

I've been able to garner some different pro forma spreadsheets from a few places, but none of them really helped walk through the nitty-gritty of what kind of expenses to expect and what percentage of monthly income to assign to certain expenditures.

Your condo docs should list required percentages. 

Many HOA's can limit the number or percentage of rentals allowed and they can change the rules at any time. 

Also what percentage of the people you hire have degrees?

Also, don't think of sec8 as guaranteed money. many times the voucher only covers a percentage of the total rent so in essence the tenant is still responsible for the other portion. in several ways sec8 is more hands on that other types of rentals.

In my opinion, you also want to avoid buying  a townhome that has a high percentage of rentals.