That being said, I agree with @Ken Latchers and you really can't have too much, BUT I would be cautious on somebody offering that much coverage as you might either be overpaying for coverage you don't need (built into their cost model) or it's some kind of blanket policy for all their clients that you might not actually fully get access to.   

Before I help any investor find a property that they want us to manage for them I always like to have an initial sit down to make sure that my business model aligns with theirs.

To go even further, your capex and repair assumptions are going to be based on a few things.1) Age of the building - the older the building, generally the higher the repair expenses2) What repairs are you doing to the building - if you are renovating the entire building from top to bottom, you may want to be less conservative on the repair assumptions as everything will be brand new3) How conservative are you as an investor - some people will model properties out with zero room for error and they may assume a lower repair cost that you will4) What is your end game - if you are going to hold the property long term, I would assume higher repair costs as compared to a fix and flip that you will dispose of in a few months.Let me know if you have questions.

They all cash flow when we use our lease option model.  

Hello BiggerPockets Nation, We are seriously considering buying a fourplex via a private deal and need advice on how to model this and what to offer.

Many members mention buying small multi families until they are financial free - but how long with that take with the usual $100-$200 per door model?

So far I've applied for positions in which I can learn to do underwriting, market research, financial modeling & statement analysis all of which have been on the commercial side.

They would be using this as the model home for the development and would have all the upgrades.

Definitely make sure you have a Initial meeting with them to set proper expectations of what you expect of them and what they can expect of you and what your business model is likeI would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach outQuestions to Ask prospective management companies* What are your average days on market for vacant homes?

That being said, when I was looking for some solid direction, I found The Millionaire Real Estate Investor by Gary Keller to be an amazing resource as it really lays out a great path and models to follow.