They typically expect 30-40% down and 10-15% in reserves depending on the risk factors of the property.  

Read up and maybe go for a finder's fee on this one.

Besides the inspection and attorney fees.

The brokerages don't care as long as your monthly fees are paid.

One thing to keep in mind if you hire a PM is they may charge you for every lease signed,  so if they rent to a group - that's one charge, if they rent to 4 separate students - that is 4 leases and 4 charges, see if you can negotiate that  - could cost you $300 for group and $1200 individual if you don't negotiate that fee with them.

All I needed was the applicant's email address to send the application to and to pay the fee.2.Very fast turnaroundCompared to the typical paper process the turnaround time was very fast.

How effectively the duties of property management are carried out (whether by you or someone else), can easily be the one factor to make or break deals!

From my understanding real estate in big markets such as Chicago, Miami, LA, and NY is very difficult to make profit on because of taxes and other fees.

I check it with different zip code, the fees are different. 

Cyrpress Park and North East LA are really growing as communities, you factor in location with cheaper prices you can see a new influx of a younger hipper crowd.