well, in our area, for anything over 8-9%, you're going to do some significant value add or take some pretty good tenant risk (work), so it will ultimately depend on the area/region you focus.

You can find commercial lenders if you call around and talk to some smaller/regional banks.

Hoping to sell upwards of $225k (shouldn't be too hard in our region).John is also interested in starting an LLC with us after this first flip and building a business doing this together.So Chad and I were thinking the split seems a bit high in his favor.

Although anyone can find success in any market, Oakville is expensive but I'am sure this is opportunity somewhere in your backyard.I try to focus on anything in my area with an 7-8+% cap rate not easy but achievable, also must maintain positive monthly cashflow.Although it's getting tougher and tougher, we say over 6% appreciation last year and Toronto money is starting to flow into the region raising that number even higher.http://www.meetup.com/K-W-C-Multi-Family-2-units-Investor-Mastermind/  Come check out my monthly investor meetup if you're curious about my market and networking with some other investors.

I wonder whether there is any regional preference as to which  insurance company to go with and whether your agent have to be from the same locale.

Lotta folks seeing very good money to move to the region.

I know my personal umbrella has a specific limit on the number of residential properties I can own (defining residential as 1-4 units), so an apartment would not fit there...also, with that scale (25 units) you have the amount of traffic, people, guests, etc , so the llc appears prudent, but I hear you on the simple notion of it being in your name with the commercial umbrella (however, I think this would then invalidate your personal umbrella unit limit if you tilt the apts back In your name)...on the duplexes and two single families, I think a great landlord policy (with all the bells  and whistles) topped with an umbrella (even 5 million is pretty affordable with the firm I use, called RLI...no interest in the product FYI)...That allows easy tapping of the equity. also, much may depend on the risk you see with those small rentals and what feels right for you (and your property portfolio shows you have great instincts)..I like your use of professional services and you may have done this, but perhaps have your policies and situation examined again by the best insurance law expert in your region or state (I would look for 20 plus years, av rated, a person the major entities and large insurers use in your area)...

The property was close to a regional medical center and nurses tend to get flown in to provide extra help and she also managed her own mobile homes through airbnb.

Here's a few of the good ones:- Traveling physicians, nurses, and healthcare researchers- Visiting educators and professors- Families of individuals undergoing medical procedures or extended recovery- Government contractors- Military personnel and their familiesAnd that's just to name a few.If you're willing to put in a small amount of additional effort in reaching out to the HR department at a regional medical center nearby, the admissions office of a local university or a local teaching hospital, and other research facilities, etc., you may find that you'll be in like flint.  

If it is a good neighborhood and you have the funds to do it central air or  minisplit units heat/ac are the way to go providing your region needs AC.