This could be an additional data point on top of what Jonathan suggested. 

@Juan Carlos CastilloIt’s always cheaper direct to tenant as you save the 6% commission plus extra kickbacks and fixing the house. 10% discount is fair because that is what it saves the seller.

If you are going back and forth about high points between two lenders and miss the extra "fees" that might be charged by one, you are missing the point.

Dec 2018Rehab 10kCash out refi’d to new loan of 152000 which covered down payment , closing, and rehab recoupment April 2019Cash flow 619 per month4th2 unitPaid 219 dec 2018Rehab 16Cash out refi’d to new loan of 240,000 got back down payment, rehab and little extra.

Does anyone know how to copy and paste all of your Data into one column ?

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

I'm sure the GC would like to make at least 10 to 20% of the project costs which would tack on an extra $10k to $15k.With all of those assumptions, you can see why I don't think $70k is an unreasonable estimate for the project.As JScott recommends in his book, when estimating costs for projects you need to put together a detailed list of every repair and then price out each repair. 

However, you can compensate for this by buying with a deep enough discount to account for the extra time and money.

One idea would be that you could build houses with detached garages and if the tenants don't want to pay extra for the garage, you could rent those out to people who aren't tenants. 

I am fully aware of the extra paperwork and costs that come with LLC ownership.