This can be very expensive and is usually the worst choice to make because you can't justify the cost.2.

I did some extensive research on software and couldn't justify the costs of PW or Appfolio at the time - both were our ideal products.

Fees should be clearly stated, easy to understand, and justifiable.

Until you have enough properties to justify the expense of an experienced bookkeeper do it yourself.

It would be difficult to justify a 10 year life expectancy for the $2 blinds you get from Walmart.

I'd also love to hire someone to handle the complicated parts of this situation if I can justify the expense.

Regarding your specific questions, I don't think you'll get enough of a benefit from a higher floor to justify the additional cost.  

This means high-profit margin on the flip (+40k or +22% ROI) but less than desirable LTV which is crucial for a refinance and your eventual cashflow.The issue with going for a Grays Ferry, Brewertytown, True Port Richmond, East/Olde Kensington, Point Breeze is that your debt service will be so high due to the cost to compete.I'll shoot you straight with this strategy, these places you will not see full gut rehabs now nor will you see a baker's dozen of comps to justify full cash-out refinance.

If you have to turn your units over every year, or if your property does not attract responsible tenants, it might be hard to justify the hassle of managing them yourself.Managing the properties is pretty easy when you are not turning them over to new tenants.

This thread had downplayed the importance of understanding cap rates for the OP, but cap rates are huge part of this business and for us larger multi-family guys, an extremely important metric in negotiation and causing a seller to justify their price.