You might want to visit a few banks, try the small local banks and see what they lend on? 

He's so ready and willing to help or just lend an ear and provide feedback.  

Jet Lending hosts one at the Texans Bar & Grill once a month. 

In the Bay Area for single tenant NNN deals owned by institutions, I see 3% of EGR as a pretty standard management fee.

We wrote the seller a letter about the appraisal challenges (bank not lending above appraisal, and that other buyers would have the same hangups) and they accepted our offer at appraisal price of 170K.  

@Bryan C.I would lend on a minor rehab, like fixing an outdated kitchen, $10K to $20K, quick resell, make 10% in 2 months, do it 5 times a year.Either you or a REI goes to expired listings, offer to buy house with dated kitchen or bathrooms, You give a note for equity, use your IRA for rehabFix and resellYou get your IRA money in 2 months plus 10%.

Big hedge fund backed companies like Blackstone Group and Colony Capital are getting into lending...

I would consider diversifying into lending as well. short term debt deals that pay 10 to 15%... you could hook up with a good RE broker in CA and make nice passive income without the TTT  hassles. 

In the meantime I'm just focusing on short term lending and make anywhere between 10 - 15%. 

Liquidity: Many financial institutions will ensure that they have cash on hand and available credit lines to support paying off all short term debt.