Again, Especially if they’re using a PM and get a pretty little report of all the income/expenses and a 1099.

However, it is likely that I will want to use my commissions to fund repairs, use as a down payment, or even cover expenses on these investment properties.

Meaning that even with cap rate expansion set to 0%, the sale price is lower than the going in purchase price. resulting in negative/low yields.Am I missing something here?

We may be buying and completely gutted house soon and hope the things I want inspected (basement walls bowing, sewer pipes, and basement floor) don’t turn out to be too expensive to fix everything should turn out pretty good for that property as long as comps support it.

The highest interest rate I've seen the past month on seller financing is 9% and I've seen as low as 5.5%. 

KY is still one of the best places in the country right now, where despite interest rates being what they are.... purchase prices are low enough and revenue high enough to make cash flowing rentals. 

So it really is going to cost you as low as 20% or as high as 47% depending on your tax bracket. 

But the basics as I recall are straight-forward ... if supply is low and demand is high, prices go up.  

You are better off budgeting money for maintenance and capital expenses and keeping a reserve in case issues arise faster than your budgeted money gets socked away from incoming rents.

The challenge for me is that I live in San Diego CA and the market is expensive and I compete with owner-occupiers who will pay top dollar.