Second, if you do not include it now it is hard to add PM Services later (as you indicated) without significantly reducing your cash flow.  10% or $225 is common for PM. 

If I were to bring a worthwhile deal to an established syndicator, what is a common equity arrangement for the value I would be providing?

That'd be the ideal scenario.

The more you learn, the more you earn; financially as well as spiritually.Successful people read every day: Reading is a common past time of many successful people.

I personally would never pay a $6k flat fee to a realtor on a $60k property nor is that common here.10% is ridiculous and I'd suggest finding a different realtor who doesn't pick their fees out of thin air.

I’m sure I’m missing a few scenarios but you get the gist of it.

Most of the lender has an separate appraisal department which can help you on this scenario to determine the type of property although last decision is from appraisal company.

Even in the best case scenario, the ROI does not justify the large capital investment and relative lack of liquidity as compared to my stock portfolio (where I have more knowledge & risk tolerance, even in volatile markets). 

There is no mention of smoking in his lease but we have informed him that we have gotten complaints from the other tenants and he is not to smoke anything in the apt or common spaces anymore.

I understand I’ll have to hire a property Manager, I just don’t understand how security funds are handled Incase of emergency and immediate attention in the scenario where I may or may not be able to reach right away .