We do complete kitchen and bath renovations and re-designs often down to the studs which far exceeds a typical turnover renovation where you'd maybe do minor repairs, paint and lay floor.I think I could probably manage 200+ units using Buildium property management software (or some other full featured app) without breaking a sweat.

A roof on a typical duplex may cost $8k to tear off and replace.  

You then file the annual report each year and continue to fork over another $500 annually.Next "cheapest" will be legal zoom or a similar service, I believe they'll help roll the registration with the state into the start up package.I use "cheapest" in quotes - the primary purpose of an LLC is typically to provide some level of asset protection. 

Typically you want your all in costs to be no more than 70% of your ARV.

Typically a 3-bed would have a larger living space than a 2-bed as you expect more people in the household.

The city offers a strong rental market and with affordability as well as a median home price below the national average, the city stands out as an attractive option.

There are options but numbers are the name of the game.Regards,KC 

If you want to use leverage 2-4 units probably gives you more financing options and also widens your pool of buyers for exit strategy. 

And points are optional of course!

Also, if the groups that you are investing with offer any type of tiered structure, are you typically pooling enough capital to fall into a higher tier?