As I kept running numbers I realized that the HML holding costs were going to kill me as I renovated the property and leased up.

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

Plus, as you know our markets aren’t known for yearly rent increases so it’s cute to see when folks run pro-forma’s with such estimates.

I would use those figures when you run your pro forma i dont think many lenders are going to buy off on a 2 to 3 month start to finish.. just sayin.

Of course run their credit.

Quick update on my progress so far @Bradley Rosenberg - I have created a webform to collect all the Fund details & sent it out to some of the members of our mastermind group who run Note Funds for their input (Aspen, etc)  I hope to have some feedback and begin building out the page next month - stay tuned!

It should really be about the income but some people do secretly want to run up the score on # of doors.

It was running about $250 a month negative . 

Running exit numbers for 70-75 is the safest bet.

I have been running my own numbers (using the Redfin PITI) and have found that deals have been scarce.