Then i analyze the same property using market value rents because i expect to add value and raise rent after my purchase .

Then you talk about getting a team together, then oh, you have partners, and ask how should you set up your business.Full time is way off, unless you expect your partners to pay you a salary.  

I am willing to pay if your service is good...but don't expect me to pay $20,000. 

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

My current effort level in real estate is not yielding the results I would expect. 

He's gotten to the point that there so many millions that he just pays himself a salary via points off of the pool of funds (to the tune of 300k+) and pays out surprise bonus's to the lenders based of the profits of the properties, so they make even more than expected.

Let them know that you expect them to be cleaner, but getting rid of them will cause a vacancy and turnover costs.

If I can expect a 12% ROI on the $80k, the cashflow would be $800 a month.

Am I expecting too much for my money?

You'll find a link to the next Burlington event here, we expect 80-100 people.