So to have a local group of like mined investors who can rally to support each other I think is a great idea...

This allows me to acquire the property at a lower price point and either do a complete reposition, if the area will support it, or just improve the units sightly to get a better quality tenant and increase the cash flow with rent increases and lower the expenses with lower maintenance costs. 

In the US Wall St. bankers are doing great but a poll last year showed that half of Main St.

Oh and a leak i=under my bathroom sink they supposedly fixed and i found on the other side of the wall( my closet) that there were black stuff on the other side of wall that had fell off( its a wall piece that comes off to get to bathroom wall pipes) all they said is that is was a fungus... any who i have work orders and i want to know how to go upon getting out of lease.

With only a third grade education due to having to work to help his Mom support the family, He was able to leave his children a Triplex, a 5 unit mixed use and a 2 family home.  

It also depends on the actual lender, but like most everyone said; you will more than likely need tax returns for your business and personal returns as support.

These are facts that support my argument that your IRR push is not nearly as viable as the much more accurate calculation of cash flow and cash on cash. 

Hopefully you will have no trouble finding one that support you with strong staff, marketing and training.

Can the area support rent increases?

He probably has the infrastructure to be able to support your investing there if that has become your target area.10% is pretty standard for a property management fee, and they should handle a lot of the time consuming tenant interactions.