I will take a portion of my commission on any of the deals and invest it into the deal to get residual income without necessarily having to come out of pocket. 

I would also mention that where it is allowed, listing agents who act in a dual-agent capacity are going to want to realize that dual agent commission and will be minimally interested in sacrificing a portion of their commission and almost certainly not half.

All markets you list will still be cities with populations forever, and your exit will be to a resident in that market, so population growth/decline, employment drivers, etc are of less concern relative to a large, institutional sized apartment complex.  

But, I've also heard new investors take the full dive right into full guts because they want the experience and want to run into every situation that can occur during a rehab of that size.

Probably not.I would put those off first, or at least as big a portion as you can (at $137k a year you should be able to make a dent in these quickly).Reserve your future debts for assets, something that is going to bring in money.This ultimately comes down to a mindset for future financial growth and can set a precedent for future decisions on taking on other debts.Humbly - AK

They also place a minimum per month rate of $500/mo regardless of income/property size to make sure the property is worth their efforts, so in your case the rate may be significantly higher than the quoted 5% if management companies in your area are similar. 

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.

In this case the portion of interest on the $4250 "tax free payment" is a personal loan, so you pay interest from your personal accounts. 

Every state has different project sizes that the target.

That size would limit the number of life companies that would lend but there would be interest from a handful if the property is stable and in good condition.Freddie Mac also has a small balance program $1-$7.5M that would also be a good resource.