Going to re-write what you wrote as it makes sense to me -- List price: $1M Income from rents: $200K/annually Building expenses (bills, maintenance, pest control ect) : $100K/annually $1M list price divided by $100K difference after expenses = 10% cap? 

I say usually not always but usually the bigger ones are.And what this means is they control their inventory have the teams either through sub contractor relationships or actual employees to carry out the rehab of these units.. they then have the management company in house and owned by the same people your buying it from.. this leads to one stop shopping as it were.. for the value proposition you have a rehabbed home tenanted usually at close..

you can pm me if you preferi'm 60 selling off all of my properties this spring summer and fully retiringand i never did rehabs, duplexes, rough areas,I promise you, there is a waywithout fear whereyou control every stepand investing meshes with your current lifestyle (vs dominates it)Look forward to guiding you (NO CHARGE): )

As it stands now, I believe the bank controls it. 

Given all this, how many LLC's do you want to control?

None of which you can control.  

They are establishing control. 

You control the amount you would offer on a property and once owned then rehabbed the market controls the FMV or ARV.

They best like to feel like they are taking control of their lives.

Dedicate yourself to maintain control of everything you are responsible for.