I was hoping to get some other landlords and property owners opinions on some things below to help me better understand the expectations within the rental market.The general thought that I have had while looking for my first property is to invest initially in hardening the property (no carpet, etc).I'll share a few scenarios and would love if any one can shed some light on their opinions:- Property has a bright blue insert bath tub.

Someone paying $1200 a month may expect stone (e.g. granite or marble) but someone paying $600 a month is going to take what ever is there.Note that I haven't even touched on styles.

For example, the profit split on a ground-up development deal would be much different than what you’d expect to see on a plain-vanilla cash flow play. 

Do you have any other exit strategies if you cannot sell it for what your expecting? 

That is what cash buyers can expect as a maximum return on their cash today.

Is the $3600 I just spent to fix a broken sewer pipe a repair to expense all this year or a capital outlay to be depreciated? 

I think that the vacancies and repairs could become an issue, but also could be mitigated if you ran your numbers more on the conservative side, so if your expected vacancy for your area is around 7%, I would run the numbers and make sure that your numbers still work when ran at a 10% vacancy! 

I am meeting with the seller's agent tomorrow to go over timelines and what to expect from here on out.Thanks again everyone!

Commercial, you should expect to spend a good amount of time prospecting and networking. 

As an investor, my expectation, NOT assumption, is that there would be profit to me if you use my money.Regarding investor conversations, start them ASAP.