I could be off here but you need to go back to square one and start small as an LP on another sponsors deal or find someone to partner with who has taken down some deals full cycle.

:@Gary Williams I am in TX, and I know several licensed realtors that also wholesale. there are two big brokers there networth and one other name escapes me they are licensed.. dont like the model personally they take the profit .. and many investors end up not doing well.when i was funding Montalongo students buying in Orlando most of the inventory I funded for them came from a very large wholesaler and they were licensed they felt they needed to be to be legal.. and i closed over 200 transactions for that wholesale company.  

In my opinion you will need someone who is going to get in the trenches with you, role play conversations with you so you are ready to talk with sellers and handle their objections about your commission price, why their house isn’t a worth $20,000 More than the same model down street, and why they choose a new young agent like you and I vs a more experience agent that has sold 100s of homes in their career. 

Now, the 2 bed 2 bath in Mesa in a 55+ I will soon be offering is across the street from the golf course and is $225,000 just for a comparison to the numbers you've mentioned.There is a formula for figuring a safe investment, you can use my model from the spreadsheet if you want at:Average Turnkey Cash Flow Per Door In Phoenix Metro Area No Bank Neededhttps://www.biggerpockets.com/forums/600/topics/584916-average-cash-flow-per-door-in-phoenix-metro-area

It seems that the more organized you are the better it is in the end (go figure).I was thinking about creating one on excel to model it off of my rental income worksheet, but thought to reach out on BP and see what others are doing to track CAPEX and repairs. 

I am looking to be a passive investor as an LP. 

If you read a LOT of my past posts, I basically go through several scenarios like the above and explain how to build Excel business models with 10 year pro-forma IRR calculations.

It can work good, but many properties don't fit well with the model. 

Different people in different markets with different business models may factor this heavier.

As the business models are different, those fees might be charged from investors, Sponsors or even both.Typical fees might include fundraising fees, management fees, performance-related fees and transaction-based fees.RealtyMogul and Fundrise earn profits by charging fees on the investments they offer.For example, Fundrise charges a 0.85% annual asset management fee for eREIT and eFunds, and a 0.15% annual investment advisory fee for their investment services.