One recommendation I would give you is find your local REO meeting you can connect with all levels of investors. 

At the level I'm at, a pm isn't worth it.I'm too small a fish for a pm.I'd sell first.

I guess I am trying to see what people think more on the macro-levels. 

If you're fishing for contacts or the interest level of a friend and initiate, begin with a vague question and use the previous technique to continue or just move on.Information is POWER;  acquire as much as possible but give as little as reasonable. 

IRR is far superior in its ability to account for leverage and the motions you have to go through to calculate it force you to have a deeper understanding of how the the money flows through a property.However, the biggest problem with IRR when looking at Real Estate is that so much of the estimated return is based on your exit valuation, which depending on what sort of real estate you are involved in, can be absurdly difficult to calculate.The important thing isn't to decide which metric is better than others, it's the ability to separate out your revenue, expenses and cashflow to see where all money goes.  

Hello,I am looking for an entry level job out of school that aligns with my long term goals to reach financial freedom and have a strong passive income stream from real estate investing.

The level of fit and finish is not the same on all my builds ($93/ft2 is nicer, i.e. hardiplank siding, hardwood floors, 10ft ceilings, SS appliances, granite, etc). 

This model only works for more distressed properties where you can buy at a deeper discount and add more value.

On a high level, it seems really attractive as I can get a loan with 3% downpayment and no PMI or use the LPMI program where the lender pays the MI (I know I qualify for the loan).

By leveling with them, giving them their deposit back, and as a byproduct possibly prevent the final destruction finale because the landlord isn't so bad.4.