Since these are turnkey, I don't expect them to be offered at any big discounts, but the fact that I'm a new investor (these will be my first purchase), I'm willing to accept that in return of not having to worry about doing any work on these properties since they are on the other end of the country (from where I'm located currently).

For a long time I was just plain shocked when I would see a vacation rental's T-12 and even more shocked when I figured out that PMs want 18%-30% of gross rents to manage them. 

I don't expect to be where a seasoned investor is overnight.

I help out with the “landlording” as best I can, which means jumping at every tenant request because they expect perfection.

I apologize if my post seemed negative @Steve Medina, but you can really expect much better cash flow on income properties in LA.  

The question is whether I should expect an appraiser to include any type of reserves in his/her calculations considering the building is essentially going to be new construction?

Do nothing and the trash gets picked up, snow gets shoveled, pests get killed, and other bills you never expected to pay will be payable.

I have been looking for property managers as I am not in the immediate area, but have struggled to find those that are highly recommended that still keep turnover costs reasonable (some 65%+ of first months rent) and maintenance-related fees reasonable as I expect mostly 1 year, college tenants.  

I have already heard Maureen talk on Get Rich Education and have also had a phone conversation with her about my needs/expectations as an investor. 

. - what is a reasonable rent to expect from units that have 2Br and 1Ba around here?