You must account for Vacancy (5%), Repairs & CapEx (15% Combined), and Management (10% - always account for management, even if you plan to self-manage at first).

I think its a combination of less rentals on the market (people moving less and landlords selling properties due to rapid price appreciation here) and more people looking (downsizing due to economic issues, booted due to a landlord sale, or booted due to nonpayment) 

What I a hearing from multiple sponsors is this:Oh, don't worry, the principals have 50 combined experience in multi-family value adds, but we have only been doing business as this entity for 1-3 years, so we don't have any exits, or much history to show you. 

This combined with cheap money (lowest interest rate) results in the high prices. 

There are creative ways to use VTB and combinations of other JV to help you get the funds. 

Both units are occupied and is bringing in a combined income of 4,000 a month.

In my opinion this would be a much better investment of your time towards getting out of the situation of trading time for money, than a real estate broker's license.In my portfolio I have a combination of directly owned real estate and passive.

The properties currently have tenants, with a combined income of 4325/month.My question is, how do I make this deal? 

This also ensures you get your money back in full but could also benefit from the profit.Of course you could do a combination of the two (anything in between) where you still charge interest on your loan AND you share in the profits.The way you craft the financials is totally up to you guys and what you feel comfortable doing.Hopefully that helps. 

I think there is a lot of potential in this combination.