2) If I use delayed financing, my understanding is I can access up to 100% of the ARV, but it is capped by my acquisition cost (including closing costs).

What if your strategy is to hold each property in the 5-10 year range before Cap Ex?

However, there is a cap on that profit - $250,000 for an individual and $500,000 for a married couple filing jointly. 

In commercial property they often use Cap Rates, which you can look up that are similar to what you are contemplating. 

Cap rate is listed at 9.16%.  

It was our next door neighbors property who was in bad health so not much thought went into location or cap rates or anything like that. 

CF really doesn't work very well for most syndicators right now with 12-month trailing caps limited to $1M.  

It would be my first deal and I don't have a mortgage currently, so I've got traditional financing pre-approved at 4.8% with 25% down.Here's what my numbers are looking like:Mgmt fee:  $75 (going to manage myself)Maint: $50 (renovated in the last 3 years)Replacement reserve: $50Taxes: $113Insurance: $110 PI: $377 (assumes $95k purchase)Total:  $775 (not counting vacancy)My spreadsheets show a cap rate of 5.7% and COC of 3.49% with vacancy included.  

I have YET to see any one of them provide a proper cap rate and just wanted to let the folks at BiggerPockets know that in my experience almost every provided cap rate is wrong. 

Maybe I'm going about this wrong and someone can help correct my thought process (I'm using the 50% rule to estimate expenses since the proforma data seems suspect).Here is one example that I have seen:Property X$2,200,000.00Down Payment$770,000.00Loan Amount$1,430,000.00Annual Loan-$86,947.20Units111bed3Rent/unit$1,015.00Market Rent$1,050.002bed8Rent/unit$1,279.00Market Rent$1,305.00Gross Income$167,684.00NOI (50% rule)$83,842.00Yearly Income-$3,105.20Cash on Cash-0.40%Actual Cap rate3.81%Almost every property in my local area looks pretty similar to this one with negative COC or COC of 1-2%.