My goal is to invest a property that can cover all my mortgage payment and hopefully some extra income.

Usually best to make sure you have the proper certificate from them to discharge the lien.  

I would use the extra cash to make extra payments and if my calculations serve me well, I would get rid of PMI (another 450 or so a month) in about 6 - 7 years. 

They usually have different funds that are made up of a mix of banking, real estate, communications, ect..

It's usually shoddy workmanship with cut-corners to fool the perspective homebuyer.

They will usually be fine with that. 

However, I do know that most banks and mortgage brokers usually require that the property has been "seasoned" before refinancing.

Do you have any outputs you use that are worth the extra money because they help you in some way? 

MLS and Loopnet tend to be picked over and usually don't have anything larger than 4 or 5 units. 

Does anyone have any ideas on what a fair return  would be when apporaching certain family members or associates for the purpose of investing some extra money they have in my 1st buy and hold real estate purchase.