If you try to cut the agent's throat on the fee bad news travel in a hurry, and no one will work with you.

Obviously I'm leaving out closing costs and lending fees, but you see the point and the power of it right?

I don't see a property management fee - are you guys managing these yourselves?

Even if you don't get a smoking deal at the start, there will be an opportunity to pull equity out a few years later.

(Seller needs the equity out asap, so seller-financing is out)As for the deal itself:       Located a few towns over from me (but not far enough where management would be a hassle), right near the better part of the borough, near the middle school, very close to stores & very close to where new construction is being planned & the area is on an upswing.2 - 2 bedrooms (1150-1200/each)4 - 1 bedrooms (850-900/each)Going inside it this week, but from my walks around the outside, I'm ballparking about 100k in renoSeller asking for 200kTaxes as-is about 6500Seller states all zoning approvals & site-planning have been completed, only thing left to do is pull permits and put nails to woodAs of right now, my immediate plan would be to sit down w/ the commercial people at my lender's, assess my standing, and start all the other due diligence common with a typical, residential purchase.

I read in Money Magazine that one of the biggest mistakes investors make it paying the typical fees to investment brokers, so I am looking to get out of that but don't want to lose my tail either.

Since you have already completed the rehab "R" the house will appraise for more than you paid (value add), so you can pull that money out and Repeat. 

Some banks require 6 months and a few require only 30 days but these are far and few between and your going to pay for that with higher fees.

I pulled out of the market back in 2006 during the crash.

Fantastic to pull in a net income of 1.5% of the Purchased value!