And I know it is not good practice to not account for property management in the expenses, but at the outset (early years of ownership for our first few properties) should I discount expenses based upon performing our own property management to add the 10% property management to our cashflow?

The banks want to see that the asset is performing well and can pay for itself.

None of the other top performing markets (based on appreciation) have similar infrastructure in place or coming on line.

When I used to work construction, there was the whole range of people: Frugal/thrifty people that drove older cars/trucks and people who always "needed" a brand new truck.

Values the advantages of a high-performing team.  

Originally posted by @Wes Brand:50% makes sense to me -- you left out buyer/seller agent commissions (6%+), and carrying costs for 6 months. 

So you have a potential for a financial loss.Also, if a broker brought you this deal and you can't perform, it will hurt your credibility and possibly never getting a deal from this contact in the future.Now all this being said, I have closed a couple large multifamily deals where I didn't have ANY money raised at the time I went UC.

I am brand new to investing, I've been doing lots of research and was just wondering if anyone could lend some advice for someone just starting out.  

I'm brand new to REI and I want to use private money to do rehabs and flips in the Tri Cities, TN area.  

I don't know as much about FL as I do Boston and MA, but my research into south Florida and raising children pointed me toward:Southwest RanchesWestonCoral SpringsDavieCooper CityI focused on desirable school districts and these were top performers.