In my area, application fees are pretty non existent, therefore I do not have the need to collect.

That should allow you to get bulk pricing and speed up the install, all of which cut costs.i'm local and am happy to discuss further.  

Where would you recommend parking the down payment and fees for it?

That is not what he was saying, but if you have some lenders on line that are in your state, send them a spec sheet of your proposed investment and see what they can offer, what terms, what rates, what fees, etc.Building a private money investor network is also key.

Smaller brokers are likely to have more flexible terms, lower fees, and might be able to give you a better commission split.

I have great loan guy in the Columbus market that does nationwide loans and can do loans for homes low as $20,000 sales price and doesn't add junk fee's or hike up the rates because it's a low sales price.  

Google what it costs (labor rate) to install flooring and then look at cost-per-sq-ft materials at Home Depot.

@Christopher Smith, can the acquisition fees (trip to buy properties, closing cost, etc..) be included into the depreciation tax deduction?

  ( I waived his late fee both times).  

We are remodeling a rental property in a suburb of Akron Ohio and installing a new tub with tile surround.