It's understanding the assumptions behind the numbers thoroughly and being able to manage the difficult situations that will inevitably arise that you weren't aware of that will make the deal a winning one. 

I say that w/ one big assumption, that you're not the DIY type.

With my current assumptions, the after tax yield is ~4%, with is just mediocre in my view.

There is a 0.5% loan assumption fee on the $290,000 also.

I can’t remember, but I believe brokerages like KW allow for PM because they charge higher fees to cover liability and E&O insurance but that’s just my assumption.

You mean “assumption”.

Operating under this assumption I am hesitant to negotiate with the bank because I do not understand the banks incentive.

In both situations after 1 year you are down $1200 out of pocket...and the first situation is actually better if you take into account time value of money.Obviously a very simplistic example and there are tons of other factors involved...and lots of assumptions to be made.

You need to focus what you are getting as the LP and what are the assumptions used to get that numbers.

See whether the sponsor used conservative assumptions.