I haven't found the annual fee to be worthwhile in most cases.

The lenders I know get about 3% origination fee and 12% annually.

InsuranceMortgage interestRepairsProperty management costDepreciation So your 2,800 a month for a year is 33,600 MinusInsurance (1,200)Mortgage Interest (9,000) guessingRepairs (2,000) estimateDepreciation (20,000)Management cost (3,360)Equals all your annual rent 33,560.  

I've invested in tax liens/deeds in FL and Indiana and now shift my focus to the upcoming annual auction in OK. 

Purchase price is 340,000 with 4,000 annual taxes.

These seem very much hands off, with committed annual rates of return with a number of variables/risk on the back end.

Closing costs at estimate of $8,000, and about $5,000 in rehab budget, total investment equals $24,375, with an $11,375 down paymentDivided by annual cash flow of $3,018, equals a 12.4% return on investment.

Such annual Balance Sheets, P&L Reports, Statement of Cash Flows, etc that the manager is legally obligated to provide?

Last month we did a 5 unit in WV, Building value @ $419k, Full Replacement Cost, annual premium for about $2,100. 

I think it is simpler to think in terms of gross annual revenue instead of number of spaces this is easy to translate into number of spaces for a specific market.