We are located a few hours from you and the "gray is out" is not the case here based on recent flips and quick sales. 

I am looking for clean and rent ready finishes, not luxury or custom.

If I don't hear from them (or if I intend to non-renew their lease) I send them a 30 day notice to quit when we're 30 days out from the lease termination date.I state in the lease that I'm allowed to post "For Rent" or "For Sale" signs on the property and / or post "For Rent" signs in the window of the unit which is to be vacated, and further state that the tenant agrees to showings of the property with a 24 hour notice.

That is 5% of rent for Vacancy, 5% for maintenance/repair, and 5% for capital expenses.

Cash out Refi property located in Northern NJ, and hypothetical purchase mixed use or multi family apartment building located in Brooklyn most likely

What I'm saying here is the reality of it is you will most likely have to plow back into your business money that you receive as rents that you intended to keep personally- sometimes. 

This is because 10% can look very different depending on your location. 

Currently, I am renting a place from a very good friend at below market rent in a very small town.

The specific location ( 4' * 6' long) is underneath a guest bedroom window in the front of the house. 

The LLC will be renting the property from my father and he is willing to share some of the cost for the rehab and upgrades.