I agree that maintaining the property, requiring the tenants to notify landlord of any hazards within a set period of time, performing routine property inspections, taking pictures of property condition prior to move in, having good contracts/addendums and having adequate insurance are going to provide good asset protection.  

So go ahead and make that money BP but at the same time develop a sustainable plan to maintain a steady lifestyle and keep that money!

For us we are successful because we have a larger suburban based management operation that includes commercial and it allows us to use just one back office to maintain our non field costs across both sides.  

I've heard things ranging from "15% of gross rent" to "$2 per square foot to maintain in its current condition + $0.50 per square foot to be put in savings for a rainy day fund".Obviously you need to go in more depth when seriously considering a deal... but what is the rule of thumb that YOU tend to follow when estimating maintenance expenses?

Nor, does it tell you what it takes to manage and maintain occupancy for those apartments.  

In the buy and hold game its as important your property is attractive, easily maintained and well located - as it is what you pay for it. 

I then ask them how the inside of their building looks...yeah, not as pretty and maintained.

You can do this by searching BP for meetups in your area or posing the question yourself in the forums. 

And it goes without saying, if time is of the essence, a 203K poses a very serious risk to losing a contract.

I have had some investments in commercial property in Indiana in the past (and maintaining one there at this time, in a strip mall).