From my perspective, if you want to rent to a dentist, you have to have at least a cursory understating of their business model and basics of business, like profit vs cash flow, revenue streams, their cash cycle.

It wasn't an overnight conversation and the first few years I went at it quasi-alone to prove out my model. 

The long-term managers business model is more stable in a down market.

I feel I may be estimating these costs incorrectly, which is throwing off my Cash on Cash ROI percentage in the models.

@John Cameron if you don't have capital, you'll have to become adept at raising it, so the syndication model (pooling investor's money together to buy larger assets like apartments) might be a good route to pursue.

I would save 25%  and follow this model  as well.

There is a business model referred to as a HUB which too is unmanned so long as the packages don't need to be signed.

You need to understand the complete business model and know the best practices before you start.

Two things if looking to scale, (which it sounds like you are):If you are looking to scale, then understanding the cost of scaling a business simply means division of labor and building those costs into the model.

My modelling shows that there will be a wave of defaults, that will turn into foreclosures, but not for 18 months down the road.