So, that is PRECISELY what I did. 

During that three months, I was not charged anything and because it took 3 months to put in tenants, they did not take first months rent as placement fee.

There's opportunities everywhere and being precise is a good thing.

Make sure that the PM has extensive experience managing precisely the same kind of property that you are buying, in terms of tenant profile, size, and market.  

Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

Precisely because inventory is so low and we want to acquire as many units as possible for each fha we do.

And I realize you have $5K set aside for this.You are also not including tenant placement.  

(The $25K value for the Getting the Money self study docs is because I bought a license to provide a template private placement, LLC operating agreements, and debt/equity subscription agreements and they are VERY expensive docs.

By creating a clear mental image of what you want to achieve, you define your objectives more precisely and enhance your understanding of what success means to you.

I'm considering a private placement / syndicated deal since I don't really have the time to actively manage or oversee a project right now.