If you have a RE license/real estate is your full time profession, you pay reg taxes on profits from selling real estate- I buy and hold for at least a year and sell some flips periodically so that is not my main business and I pay a much lower tax rate as mine are capital gains

Are properties that are profitable grouped together forming the micro-markets you are looking for?

I was told not to be greedy, which is fine, so the overall profit on my end I went down on.

Can i charge 150$ as an application fee but set rents at 10% lower than market to get the best possible tenant and profit off the rest?

Also, make sure you hold on to a property as a rental so you don't end up being designated as an IRS "dealer" (a tax term) that takes about 1/2 of your profits.

The new LLC will purchase the house and all costs and profit will be divided based on the % split and kept separate.I own another LLC which is the 75% owner. 

Then he bought something larger and added some value during one year sold it for a profit of 200 K, plus he wholesaled again and made 50 K. now he invest the 250 k and bought a million dollar property adds value, plus wholesaling deals for 50 k in this year and then he decides to sell again. 

I believe he is doing it for the prior landlord to generate more money off interest and such.Which is what I will be doing.

@Michael Joseph Allen II I can definitely show you helpful tips on how to generate leads/sales.

It's much less time consuming for you, and it also generates a sense of urgency among potential renters when they see others who are interested, too.