I am quickly realizing it's difficult to find 1) properties which meet the 1% test, and 2) properties which cash flow positive from year 1 (unless we increase our down payment from 3.5% to something much higher).I would like to get two pieces of advice from the Bigger Pockets community in Massachusetts.

Total monthly payment (assuming taxes and insurance are included): $2205 + $417 = $2622Lease amount: $200075% of Lease: $1500$1500 - $2622 = ($1,122)That's an extra $1,122 per month that will be counted against you just like an extra monthly payment.With a monthly salary of about $7000 and great credit, there's a good chance you will qualify for a monthly payment @ 50% DTI, or $3500 / month. 

Do I list in the Rental Increase letter "All terms from the previous rental agreement will remain in effect" if I have never seen such lease or terms?

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

The housing development of condo type in my city has been increasing in the last few years.

If they are marketing and bringing you new properties, then a percentage or a flat finder fee for each property may be appropriate.If their role is purely administrative and they are simply managing the rentals once they are received, then I would only consider a periodic bonus based on the increased workload.

Over the Last 2 years I have become increasingly interested in the opportunities that real estate can provide for me to get out of the corporate rat race and doing something more freeing. 

Putting a face to the name will instantly increase your credibility to them.

@Aaron JohnsonPM me when you get a chance.