Millions of users across the world- It's the industry standard. 

He is willing to manage your properties "without the standard management fee". 

@Michael Slayton 15-20 years is the standard amortization period for an investment property.

You may see more jobs where work from home is a standard. 

My idea: in addition to shared laundry facilities in the basement, what if I also set up a small shared gym (a treadmill/ bike/ rower/yoga area, etc) and a flat screen TV or two and maybe a sofa?

JRG I think you've got to lower your standards bro.

My daily job provide me with a really good cash flow, Ill save some money for a down-payment and get a standard  loan to buy and flip a house in the future. 

They are making it seem as though it is standard conventional refi?

Assuming your repairs are $15K (which could be waay low with the mold), the standard Maximum Allowable Offer (MAO) formula (70% * ARV - Repairs) would suggest you should offer no more than $136K.And that's assuming you do the deal yourself.

The advantages of building new smaller properties is they can be built quicker and leased up to full occupancy faster than larger properties, they are a little easier to get approval in certain areas and site work, stormwater and parking development costs can be exponentially lower per unit or per sqft as compared to larger properties requiring significant site improvements.You need to work the numbers backwards starting with estimated construction and development costs, calculate estimated GPR, back out standard operating cost assumptions of 45%, which is average for most new construction buildings of this size, to get to the NOI to determine if the project works.