Expenses like this include things like property taxes, insurance, maintenance, administrative and office costs, payroll, marketing expenses, and property management fees. 

I have a preliminary call in a few minutes with a person that wants to get into private lending and wants to engage our loan consulting side to assist.

"I want to earn $4,000 per month after all expenses" is a goal that you can reverse engineer and work towards.2.

PA requires that you maintain a permanent home and be present there for at least 184 or more days per year to be considered a resident. 

Just depends on what your comfort level and willing to dive in the deep end.If your open to higher price range I would tell you to try and stay in the multifamily since it helps offer more rents per month under one mortgage, tax bill and insurance policy.

My goal is to bring in 16k per month with my buy-and-hold properties.

The requirements to become an Agent (although not difficult) does take some time and then there is a multitude of fees to pay once you join an RE office. 

Personally, I am not sure of the economic upside given their main attraction is their university, but the rents and price per property seem to be keeping up with market conditions. 

I could charge an additional fee to have access to it, and have them sign some sort of waiver indicating they accept all risk and won't sue me if they hurt themselves.

For instance, max LTV (Loan to Value), loan package requirements such as appriasal, BPO, application fees, etc., and borrower profile requirements such as experience level, credit, and other important aspects to your borrower.