So vacancy estimate would be $5536 but this doesn't materially affect the cap rate -- assuming of course that your expense estimate is correct and thats an if.

It is a mathematical fact that if you are buying a rental property in any city where the monthly mortgage payment exceeds monthly rental income, or where mortgage payments along with monthly expenses exceed monthly rent, if any of those scenario applies, a down payment would be only other material method to avoid a negative cash flow situation.You let the investor worry about his gamble on the market going up.. thats not your problem.

For a CM there are other services- contract negotiation, construction scheduling, materials management/ delivery, etc.

I'm still, to be honest, not sure what amounts to a construction/material defect out here. 

Copied this from some of the material I found: There are three AFR tiers based on the repayment term of a family loan:(1) Short-term rates, for loans with a repayment term up to three years.(2) Mid-term rates, for loans with a repayment term between three and nine years.(3) Long-term rates, for loans with a repayment term greater than nine years.A Lender should assess two main factors when selecting the appropriate IRS Applicable Federal Rate for a family loan:(1) The length of the agreed upon repayment term of the loan.(2) The IRS Applicable Federal Rate for that repayment term during the month in which the loan is made.The IRS Applicable Federal Rates change monthly and are usually made available on the IRS’ website during the third or fourth weeks of the preceding month.

At some point in time, everyone runs out of their own capital and must rely on external sources if they wish to continue and build their book, however should always have some in reserve so they're not scrambling to close a deal.  

Tell them to wait 5-10 minutes and check back on the toilet... if the water/material has drained you still may have a partial clog ... if the water and material is still there you have a fully clogged drain. 

I would pay for paint and tools and other materials.

There are lots of videos on YouTube that will outline the most important part - water penetration prevention.In your neck of the woods, window frame construction material is a toss-up.

Just want someone to help my focus on the task and strategies that I should be focusing on.The place to look for posts on the topic is here, in the commercial forum,  or just google "syndication" site:www.biggerpockets.com (like this) and get lots of reading material.