Yes, it eats into your profits but a good manager will be doing a lot of work for you. 

Sounds like you should request that your broker eats the cost on this one, ask the buyers agent to reduce to 1.5%, and remove the paying for repairs or closing costs.

I'd eat pb&j and ride a bike every day before I went back to trying to keep up with my broke friends.

We can't have our cake and eat it to.Those looking for a hassle free option should expect to pay for the service they are receiving.  

The taxes are going to eat up a lot of your income.

If it's not too difficult to find 1% per month all around the place, my take on it would be: should you put all your (uncomfortably leveraged) eggs into this one basket?

Everyone is doing well and everyone is eating and our teams are only getting bigger (each one of the 5 of us has one or two underneath us, constantly growing).

I had all these great ideas, but my nerves were eating away at me.

I spent a few hours with him at Gus's Fried Chicken on 3101 Sutherland Ave (shameless plug for my restaurant--but go eat their, you will not regret it).  

If you continue to acquire more properties, you either make sure the market will support higher rents to maintain the same margin through the hike(s), eat a little to still make some money or be content for awhile and hoard some cash.