Percent could be as high as 15% or so plus points sometimes 4 or so. 

@Adam Baker @Brad LarsenI'm no mathematician but if the top 6 management companies have 1700 properties combined (per Brad's post), and maybe there are another 1700 out there with other companies or independent, and an average vacancy of 10 percent, that would mean that at any time you could easily find 340 properties advertised for rent in a perfectly healthy rental market. 

 :) Congrats on the 2 percenters you picked up.  

I was told the bank missed where my credit was originally and Te bucket my credit falls in makes my fees go up another percent.

When condos lose their FHA approvals the price plummets about 25 to 30 percent.

If Tenant alters the property without obtaining the necessary consent of Landlord, Tenant agrees to pay a penalty fee of fifty dollars ($50) per violation, plus restoration costs. 

I never considered the LLP but you are 100 percent correct.

If you use FHA financing, you will only have to put down 3% whereas if you buy a 16 unit building right out of the gate, you are looking at 20-30 percent down and it will be a much harder loan to get.There is no such thing as starting too small, although my personal opinion is to do the maximum amount of units that FHA will allow(4, or a 3 if you can't find a 4).I know many successful investors(including myself) who only started with 1 unit.  

Its what I would consider the deal of a lifetime.

It has been my experience that using a GC is always the better route and I use a GC on 100 percent of my own jobs.