Today I'm going through the loan documents to digitally sign and it has 1% of points on there and a rate of 4.375%. 

Have you heard of Quantum Digital (for mailers)?

I make $100k a year off 16 properties in the Metro Detroit area..and with $100k you could buy 2-3 of these and get a nice start.Here is an outline...Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: 1%-1.4% rule dealsROI: 10-14%Cash flow: $150-$300/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B- Tennesse has caught my attention as well...but when things aren't broken it's hard to change... following along to hear what other have to say...Here is a pic of my portfolio if you want see examples..

Is it customary or normal to also ask for a digital photocopy of the receipt for the expenses?

Given the fact that you are new and also that this property is at 75% occupancy a regular apartment lender will not touch this.Anything above 5 units is commercial for multifamily.The lender bases value on the income approach.Lenders do not want to touch a multifamily building under 90% stabilized occupancy levels.The reason is you can buy it at 70% occupancy and you may or may not turn it around.The 70% could go to 90% or down to 50% Occupancy.Now the lender has you struggling and the property will be a loss as a short sale or a foreclosure to the lender on the new loan they just made.You can find other sources for value add deals but the debt service is generally much higher and short term affecting the cash flow.You have to stabilize and refi out with the new value or sell off after improving to retire the high interest loan.If you hold for 1 year you can 1031 into another property but if less you will be looking at some taxes if you sell before then.Looks like by your picture you are in the military.If that's true I don't know how you will have time for a property that is intensive enough to produce a double digit cap going in.Stabilized nice properties in Georgia are trading at about a 9 or so.Value add you can do much better but have to watch the area and the higher cap going in is offset by the higher loan interest.

That is going to be around a 8.6% to 9.9% yield on the table and a little higher Total Return based on the discount, into double digits, but will based on the new maturity in regards to impact.

Meanwhile the rents and inflation have continued to increase, giving them astronomical ROI (triple digits).When the rents are frozen, or unable to float to meet demand, its a barrier to entry for new investors.

Evolve does do a mandatory damage claim policy that the guest pays for (And I don't know how much Evolve is keeping as a % of that fee ) But I've used it at least half a dozen times and I really dig it.

I include Loan # and last 4 digits of SS#.

However, since there are free, all digital and easy to use rental business checking accounts available now (Azibo, Stessa, Baselane offer them. they support either individuals as sole props or LLCs), it's not a bad idea to have one account for one property.