Check compsOf course adding back the management fee gives you a 6.94 cap.

While a similar concept, syndications add the tax benefits of being a partial property owner as well as offers a lower fee structure.

Once you've got the stamp of approval from the city, is there any reason the utilities would have a problem from there, or is it typically just a matter of paying whatever crazy fee they require for the work?

The vast majority of my bookings are on Airbnb and I made the amateur move of paying the flat fee to Homeaway when I signed up.

This results in paperwork, processing delays and per-transaction fees that can add up if you are engaging in more time-sensitive assets or assets that involve a lot of transactions.

I would use a HELOC that way you don’t have to pay closing costs and other fees yet you’d still have the same advantagesGood luck

In a nutshell, I wouldn't want to be out one dime of money and would also want some kind of fee for the time it would take me to find new tenants. 

Once I am able to source a potential deal, I would work with a firm to perform the financial analysis such as creating the pro forma, underwriting financial models, partnership structuring, etc. in order to increase credibility on the financial side.Next is when I would be working with a legal team to draft the PPM (506c), Subscription Agreement, Questionnaire, and so forth.

Less fees and less seasoning that way.There is also a DFE - Delayed Financing Exception that gives you back immediately the lesser of your purchase price plus closing costs or 75% of value. 

With that background I was very happy going with eXp Realty since it's an online-only brokerage with very little pressure to produce and minimal fees.