To be honest, any advice on here, even from someone like me in the Chicago market, will not be specific enough for something like this.

Toledo pretty much offers the same, if you're set on that city connect with @Engelo Rumora Thanks for the plug mate,Hi Ken,We probably won't be able to assist as we offer turnkey and only to cash buyers.Our lowest entry point is $65,000 and that buys a 2 bedroom, 1 bathroom home that will rent for around $800pm.Plus, I'm pissed of with investors and lately and keeping all deals for myself heheI think you are on the right track with the 43607, 43612 and 43613 zip code.I encourage you to take a look at 43609 and select areas of 43610 and 43620.BRRR out of state is a recipe for disaster but since you are in Michigan, it isn't too bad I guess.Even being as close as you are and even if you lived in Toledo, I would always advise to get professional property management.An investors role is just that, to be an "investor".Elevate and delegate...Sure, you can probably manage 1,2 or 10 properties but that can eventually turn into a full time job.IMO, you should focus on scaling as in finding deals, raising capital, buying more properties, growing your portfolio, etc...And not dealing with tenants and toilets.Wishing you much success

And even if it’s an outstanding deal, is there anything the pitch deck could include or not include that would turn you away?

I tried searching for "life insurance," "life insurance loan," etc, but even after narrowing it to podcast results, I'm not finding the episode.

I don't think it happens even if you are seeing Section 8 FMR's that support that number.

If I were able to obtain another loan for $200K, even at the same interest, I can pay that down and off over a few years, and then I'm back to my low interest loan only and a ton of equity in the home I could potentially tap into as well.  

You may have to be okay with just breaking even in the beginning or only getting a small amount of cash flow for the first couple years. 

Even if he has negotiated lower rates with vendors, I would expect him to pass that savings onto the investor and not pocket the difference.  

Also, you are typically allowed 2% from seller concessions from your lender, and potentially even more, which can help with closing costs.

There are privately managed motels that do "ok" but their rates are DIRT CHEAP to be able to compete and their occupancy isn't even close.