I don't know your current financial situation but your goals for cash flow, especially in the cities you mentioned, may be difficult to achieve without putting in a lot of cash for purchase.

I think it would be best to consult the finance pros on methods of achieving your financial goals with the property.

If you refinance your house and keep the equity in it to achieve that 20%, the money is trapped in the house.

Two deals would be a big achievement in my first year of real estate investment so I would this is my real goal. 

In certain markets it can be tough to achieve a safe amount of cashflow without a downpayment, so be sure to carefully analyze your numbers. 

@Chris Lynch I don't currently own in WW but I did own a 6-unit there with a partner for a couple of years which we just sold at the end of last year.If your units are oversized 3BRs and decent quality, like you mentioned with the hardwoods, granite & stainless, and especially with an extra half bath in each unit, without knowing the specific area I think generally yes, you should be able to achieve those rents.I'm assuming that you didn't over-improve the property relative to the area though; you won't see as much of a rent bump if you turn a C property into an A property, in a C area, as you would if it was in a B area.As far as headaches, if the area is at least a B and you're updated the units somewhere in the A range (as it sounds like), then as long as you screen, screen, screen, I think you should be OK with headaches.If it's a C neighborhood though then I think you can still do OK but you're going to have to hold out a little longer to get B tenants because most A tenants won't be willing to live in a C area, and you will get more C tenants looking at the units and applying than Bs.

I realized I didn’t stipulate when I get the “management fee” - only after a minimum return percentage is achieved.

Have a goal in mind on what you want done in the next 3, 6, 12 and 24 months and work back words to achieve them

I have some lofty goals, but I think they are achievable.

However this put me out of my comfort zone and made me realise you can achieve many things if you are forced to and don't give up.