The real estate will hold the value of your deposit, and the rent revenue is your dividend.

There's potential value to separating the two from each other. 5.

Any recommendations or reviews?

They are application fees, plan review fees, maybe/maybe not impact fees (tens of thousands of dollars paid to the local government so you can develop a raw land), permitting fees, rezoning fees if rezoning is required. 3.)

If you are not covering expenses, you should review pricing and see what other comparable properties are charging.

However they are slow and they will do their research to determine valuesWhoever the taxing authority is, they will look at the value of the property in its current condition, then subtract foreclosure costs, marketing and closing costs to arrive at a net value to them.

I'd like some reviews on property management companies in these cities as that will be a big deciding factor for me since I will be an out of state investor and this will be my first investment!

While I was trying to be clear about not having any experience with you, I don't know if many people understand the fund of funds or co-sponsor structures and if/how they bring any value.  

To help LPs wondering what the market values of their investments are today, I thought it would be beneficial to have a thread where LPs can ask for valuations on specific properties and the sponsors in this forum can opine.

Once you have that first property door will open because you bought a value add house that you now have equity.