CAP rate vs ROI : https://www.stessa.com/blog/ca...This site uses 50% rule for operating expenses, I've also seen 30-35% used - use your own judgement when calculating, depends on several factors like age of property, type of tenants, weather/location, etc.

This could be any combination of better / different operations or upgrades the drive higher income. 

Lots and lots of cities are making things more restrictive and not grandfathering current operators. 

You tend to get better terms on a fully rented property rather than one that is vacant.All fees associated with any loan would have to be paid including but not limited to Appraisal Underwriting Origination TitleIn regards to property management that would be up to you to make that call based on other operating expenses and your own personal availability.

We will build an 8 unit complex with covered parking and potentially a value add by building a side building with coin operated washer and dryer accompanied by a vending machine that's loaded with materials related to washing/drying clothes.

Replacing them is also a capital expense VS the operating expense of a repair.As far as how do you sequence them, if both are vacant, turn one and get a tenant in there.

I would absolutely have an attorney write up the operating agreement.

I believe your best bet is an LLC as you can create an operating agreement that specifically calls out dozens of potential scenarios, cash flow, refi, sales, death, etc which an attorney can help work through easily.

You can just attach them back together and make sure your pull handle is at your prefered height and that there is room to push and pull it to operate the stopper. 

We've been operating in Austin since January of 2015 and have an extensive track record here in Austin.