Most residential real estate developers have a certain operating expense margin they are budgeting for in order to make sure they are hitting their return requirements.

Curious as to how you’ve progressed to hit the goal of 50 properties by the end of the year.  

So, those who have been hit with there financing adjusting to triple and quadruple the money cost, slingshotted from life in the green to being deep in the red.

You can still easily find 3-4 MF properties in the $500k-$700k range hitting the 1% rule with positive cash flow.

@Jay Seville can't speak to a 2/2, but even a well-managed (85%+ occupancy) 600sqft 1/1 with view and close proximity to the beach can hit 57K on the Emerald Coast.

This will not work unless you're capable of large subsidies once you hit property 3 or 4.

Title co reports to IRS, and you probably going to hit a snag when all your basis is $0 on every deal and every deal you do has big profits. 

I said Oh ya and perfect timing and hit it out of the Park !!!  

The answer is usually obvious if you can take the tax hit, but in your case assuming 5-7 years away from needing/wanting to distribute money to yourself, this is a decision you need to make with your tax advisor.

You had hit most expenses besides the ones @John Underwood mentioned but then a few sneaky ones people forget.