The 25% down payment is no problem for a conventional loan, but until it is occupied and operating well, I wanted to reach out to the BP Community to see what other expenses I need to account for right from the start until it's occupied.

I'm not a lawyer or an expert in asset protection so we'll just say that we're officially out of my depth on that topic :)It sounds like you've done very well so far, why not just keep doing what you've been doing, while leveraging experts to improve your business operations?

When evaluating a property, do you subtract Capex reserves from your operating cash flow when calculating cash on cash returns?

Yeah, I guess it isn't any different from what anyone who operates a normal business such as a Dominos franchise has to deal with.

Many are well represented by sellers & turnkey operators here on BiggerPockets.

You need to have a really strong operating agreement.

And for the $1600/month question...think monthly operating expense vs occupancy rate and pricing.

Landlords that operate their business through avoidance due to fear of vacancies usually lose more money and retain low quality tenants.

You’re operating in a legal grey area or you’re breaking the law (depends on the state) and an agent isn’t, because they’re licensed.

If your mortgage is ~960/mo and you are getting $1200 then it is currently operating as a poor investment.