I would go somewhere between 55-60% for Operating Expenses and add a line-item called "non-routine" in which you use a dollar amount on a per-unit basis.

Reasonable and routine rent increases are designed to accommodate these type of expenses an owner will encounter.

By far, the most important factor is whether or not you have any late payments.If you'd like to build credit then my recommendation would be to apply for a low-interest credit card, pay all of your routine monthly expenses with the card, and repay the balance in full on or before the due date every month. 

It currently has a long time tenant in the other side and would only need cosmetics in the other, each side would bring in 600 to 700 per side willing to work with anyone interested. total money needed is 50,000....

Perform cosmetic repairs(paint, fixtures, or cleaning),  Hire the appropriate repairman based on recommendations from property management company, turn the property over to property management company, oversee applicant process and tenant placement,  maintain property until my cap drops below 5% then exit.Exit strategies, Backup Plans – Unless capital would be used to purchase further properties, use seller financing to sell the property and maintain an additional(unmanaged) long term ROI.Team & Systems – Realtor/broker to do initial screening and for acquiring properties. 

Mostly small homes two to three bedrooms , that need cosmetic fixes.

You may need to  schedule routine pest control and such.. generally, in my experience the 2 rentals I manage for myself are definitely passive income......I spend less than an hour a month....and the rent rolls in...it is how you structure it that counts...Best wishes 

Sadly for a house that needs a bit of cosmetic work, that's not going to last long.

Was it all cosmetic for $44,800?

A $35k rehab budget is less than $10/sf, which means you're only doing cosmetic updates.