The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

You can not depend on syndicators these days to underwrite correctly since they seem to be more focused on growing large mailing list and collecting huge upfront fees for closing deals.

What we do is bundle it into an application fee.

It likely is out of date as to cost as this info is quite old (my guess is 5 years but it could be longer):- Rent Recovery Service: offers flat fee service starting at $20. 3 letters start at $30.

Once we changed to charging a fee, proof of ability to close, good income, a sizable reserve and reasonable credit, the students not only started taking the training seriously but actually began buying properties for their retirement.

A common misconception is that real estate properties under $1M have a smaller tax basis and therefore do not benefit from a cost segregation study due to the associated fees.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

We then subtract our actual expenses, which include management fees, bank fees, appraisal costs, insurance, commissions, marketing costs, taxes, and legal and accounting fees.

Beyond that, sending upfront fees to a lender is not okay.

We then lease the property on a 3-year lease with the option to buy and the tenant buyer gives us a $4000 option fee to buy the property for $260,000 within the next 3 years.