Many states have adopted a 60 day policy for rent increases now.  

My objective is to move the building in the other direction with improvements and rent increases to get higher quality tenants.    

Same outcome you seek just a different approach.  

As rents increase however, you'll hit a point where your cash flow tends to diminish.

I know the formula is a guide/base line but when you have ARVs hovering around the million dollar range, is there a rule of thumb or a percentage amount increase to determine purchase price?

If I am going to take the risks of flipping, I need to get 150% IRR.7) With BRRRR, your tenant pays down your debt while the market increases your value through appreciation.8) With flips, you can't compete with hedge funds because they can pay more for properties since they are getting their capital at less than 2%.9) I see the smaller investors getting smashed everyday by their flip providers.

If my rent assumption is off and I get $2,400/month, then my returns (assuming everything else (even the $170k) stays the same, it returns slightly over 7%.This is where I'm stuck right now, and I'm seeking advice from those who've been there who can tell me that my assumptions are good or bad.Thank you!

Fast forward to today and I've been doing the same type of work (admin support for faculty) with a small increase in pay and a title change.

I am looking for someone to partner with who can show me the ropes of wholesaling and other facets of real estate investment as I work to increase the income of both myself an my partner. 

Typically if you have a large down payment of 20-25%, you can still find properties with positive cash flow in single family and you make money on the appreciation.I bought a newer Townhouse in home town Orangeville recently which is cashflow positive with 20% dp.I agree with Luc and Ming points, you have to be able to improve the property, either improve cash flow or increase property value with reno's.I have looked at multi family and retail net properties but have not found anything too exciting yet.