Anyways, I appreciate any insight/guidance you guys can offer.  

We are currently offering 12-16% interest to our private money investors which we feel is a strong offer in this market.

It may be tough to find a property manager, and I would expect that you'll have a few additional fees when it comes to the rent by room strategy.I'd encourage you to think about managing the property yourself when living there as the landlord, and would be happy to share some of the do's and don't's that I ran into self managing a few house hack properties. 

Focus on how to juice cash flow if possible (rent by the room, separating spaces, etc.) or decreasing expenses (assuming a loan, looking at new build incentives, aggressive offers w/ rate buy downs that work for you, etc.) 

He is a mentor of mine as well, and is not so interested in making money but rather he told me that he likes to see 7% in his passively invested accounts, so I offered and he accepted that I would pay him 8% APY On the principal that I borrowed. 

We just made an offer on our first deal.

They offer wealth management but they also offer joint venture deals where they look for partners to purchase Multi-Million dollar REI portfolios. 

So if you're buying a stabilized cash flowing asset, the returns you'd have to offer a PML would be lower.

I'd like to check into using a property management company for my first property, then I'll add it to my second.

I think the Iowa City, Coralville, and North Liberty markets offer great rentals with lots of different types of levels of rent.