That is not what he was saying, but if you have some lenders on line that are in your state, send them a spec sheet of your proposed investment and see what they can offer, what terms, what rates, what fees, etc.Building a private money investor network is also key.

Smaller brokers are likely to have more flexible terms, lower fees, and might be able to give you a better commission split.

I have great loan guy in the Columbus market that does nationwide loans and can do loans for homes low as $20,000 sales price and doesn't add junk fee's or hike up the rates because it's a low sales price.  

This particular company handles the purchase (my money), rehab, tenant screening, property management and I understand they charge 10% of the rent.

@Christopher Smith, can the acquisition fees (trip to buy properties, closing cost, etc..) be included into the depreciation tax deduction?

  ( I waived his late fee both times).  

While I've done a lot of research and feel comfortable accounting for expenses while vetting properties, I haven't done a ton of research and on how to estimate what I could charge for rent.

(ie lease it to a neighbor for storage, charge someone to park their boat on it, etc.?)

Sort of like the buy here pay here car dealerships who charge 17% on the 03' fiesta.

You also need to account for the mortgage, insurance, taxes, CapEx, maintenance, vacancy, and if using a property manager, the property manager fees to make sure you have positive cashflow and at the amount you are seeking.