I've found that might be a little too much, but I'm not inclined to change it right now. 6% might be pretty much on target, but it does depend on the location (some areas simply have harsher conditions and also might be more expensive for repairs) and the age and condition of the property.

@Giovanni Luna personally I don't have experience with development.My firm belief though, if you have experience and a solid track record, finding money for projects is not the challenge, rather locating great opportunities for your investors.Your investors and lender will want to know about your experience and track record.

I try to pick up several properties in one particular location or properties that are within driving distances of each other then If I can I will buy one property for no other purpose than to cover the expense of using a PM in the area. 

First, recognize that any decision you make to deploy capital affects your plan.

Crime isn't terrible, more than half the residents have college degrees and the street it's located on isn't a ****hole. 

Question that has stumped me...I've been mostly looking in Jefferson County, Alabama and have discovered how to cross reference the Default Tax list with the GIS so I can locate and study the property (YEA!). 

Does the location stay the same?

Lenders also have a lot of other things they'll consider like:-Property Location -Local Economy/Population Trends (Figure you want at least 25k people or be nearby a city of over 100k)-Zoning - Building must be properly zoned for the amount of units it has-Experience (you have enough experience to qualify for a multifamily investment)The truth is there is no one size fits all answer because every lender has their own guidelines which is where a broker comes in handy. 

I know that FHA requires you to live in it, but I own my own business (aside from real estate) and can be "re-located" out of state.  

Save that text message or email to the previous tenant, especially if they acknowledge they received the message.I would also take a precautionary measure to photograph where the vehicle is located and photograph the condition it is in prior to the tow.