You could combine that with hard money but I'm not sure I'd recommend that to a first timer... find a great deal and you'll find the money.

Combine water, gas, electricity bill into rent.

Really, you're only limited by your thinking... you can use any combination of seller equity / personal loans / helocs / private money / 401k loans / hard money, etc.

Now the owner will not go for all of this as they rarely do, so you get creative.  

I always have charged the following to customers, and they don't even question it most of the time: cleaning fees, all applicable taxes (in a state which is known for not having a sales tax mind you), pet fees, insurance policy and/or damage deposit (VRBO offers combinations of the two), and miscellaneous charges like firewood and bike rentals.4.

Finally, not sure how you're factoring Depreciation, but combined with all of your Expenses deductions, you're not going to pay any taxes, at least not initially. 

I will say that going all the way is very rare(twice in 27+ years for me). 

It's sort of the Hedge Fund model (except those rarely get 20% of the profits...it's ALL in the backend except for an annual management fee.) 

Cash offers in our market are pretty rare so chances of a second are slim4.

Hi Daren, multi's here (that are listed) do not make sense. the only way they do is if i am buying a job with it (handyman). they rarely cashflow. the off market deals is the only way they can positively cash flow. and i am too busy to start calling apartment complex owners...