My worry is that since he has built a 16 year track record of always paying his pref and returning capital on time, that he is now overleveraging.Does anyone share this concern?

When you pay all cash there is no 6 month title seasoning wat to get out 80% of the purchase price.You can also come in with a 60% mortgage and a 40% all cash and get a little bit better of a rate and be able to waive escrows if needed.

(If you are going to do this right I would say $5K a month and look into incoming lead sources like facebook and google pay per click.)Good Investing...

We could use it for 10 years and then would have to pay it back in the next 10 once that expires.

Property manager ended up being the best solution for me. 10% seems very high, in Seattle I pay 5% plus a leasing fee every time they need to find a new tenant.

Maybe because I've kind of run into this issue with paying people in the past.  

You can get a free account with TenantCloud or other management software, enter your property once, click a button, and it will be published out to multiple sites at once.Knowing the market requires regular research.

I think it is great to network and gauge interest for when a deal comes but bring them something before you take money because if you take the money first it is idle and they are getting no returns while it is sitting there unless you can pay some return out of pocket which I am sure you aren't doing because you are using OPM. 

Welcome to the site @Mahussi Goudou!

I see a lot of newer investors pay coaches tens of thousands of dollars, using debt, that stops them from actually investing!