Have you talked with the PM company about your desire to become a broker? 

Desirable location, no serious work needed besides cosmetic upgrades and the sellers are listing with me as well.

To complete my thought is if you are looking at a residential multifamily house (1 to 4 units) that is a rental scenario and get the most units when buying to reduce any impact you might experience with a vacancy and the possibility of reducing your rent with a 203K loan.If your desire is owning rental units and money is not going to be a problem, I would like to see you by an apartment complex. 

Does this then give me the correct outputs desired?

In five years you'll be in a position to quit and work for yourself full time if you desire.

Our thought is that it can actually be more desirable for some buyers, and also that the HOA could take a cut (say 5-10%) of the profits.

These can be easily purchased for $300 or less depending on the size and material desired.12.)

, than it's likely that the borrower will simply go to their bank instead.Where I really see the benefit in utilizing a broker's service is for a few reasons:1) They don't have the time or desire to shop their loan themselves going to different lending institutions.

Now if you absolutely paid next to nothing for the property with a clean phase one then there are a lot of mom and pop to regional type tenants looking for low rent type spaces.When you pay closer to market you have to know you can land the regional to national tenant to get the rents desired for the profit spread.Is it suited for warehouse or shipping? 

Obviously you will want a building inspection done (same as when you buy a house), which ranges in price but shouldn't be more than $2,000.For items you can do before hand I would recommend checking on the zoning and also be certain that you can rent the space for enough money to get your desired returns; this can be done by talking with your potential tenants or even walking into neighboring business and asking how much they pay in rent.