You are making almost everyone more complicated and expensive regarding banking and tax preparation. 

I've also built and seen others build a lot of equity in that time.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: 1%-1.4% rule dealsROI: 10-14%Cash flow: $150-$300/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the "sweet spot" in Metro Detroit.

Some markets may have lower thresholds. 

He keeps 1/3 of any amounts he collects, and passes through any expenses he incurs - such as service fees, filing costs, etc.

It is more expensive though, so I may look into yours too, thanks.

If the list price is pushing the envelope high as is usual fashion in Portland Metro, it will just sit without many showings at all, until price is lowered, all the while teetering on the "what's wrong with it" days-on-market pendulum .

If you are looking to generate tax breaks, if the property is a more expensive one, you might do a cost segregation study and accelerate the depreciation deduction when you purchase it.

That is our REI buffer and isn't discussed enough IMO.I did well with lower priced singles, but this was when prices were lower up to 2018 ish and I bought with seller-financing or cash. 

Focus on maximizing tax-deductible operating expenses associated with your rentals, such as repairs, property management fees, and mortgage interest.

This lowers refinance options.