I'm a newbie, but from what I understand, you probably want to offer 70 percent of ARV, that includes your repairs you will need to perform.

Am working with a Broker at present and hope to close on my first performing note in the next month.  

Also I feel that it's important to note that the seller in my situation has been incredibly motivated to sell by allowing us to perform all of these duties.

Couple questions , When putting out bandit signs, do hand written or professional printed perform better?

Your main goal as a top producer will be performing the activities that get you pending deals and listings. 

I have had about 1/3 not exercise their Option for various legitimate reasons.

@Caleb Heimsoth You can use what is called the 50% to run a preliminary estimate of expenses on potential rental purchases.Ex; House rents for $950 assume that you will need to spend $475 to operate said property every month.This is of course just an estimate as there is always an unlimited number of variables at play which will cause your property to perform better or worse than any pro forma at any given point in time.

Each strategy may demand the use of a few different metrics (cashflow, cash on cash, cap), but generally speaking there's a pretty short list of metrics that are used to perform a basic analysis of most residential properties, whether it's a SFR or a 250 unit apartment community.  

Assuming that’s a performing $35K note you have 80% chance it will pay off early.

Your description doesn't sound like a place that needs a full time manager so unless they are performing other services that cost is way out of line and I find it hard to believe an association can remain solvent giving up 33% to a pm. 8% for reserves is actually pretty low in most cases.