IIP Property Management

[Stacy Candeias]

I hired IIP in April 2022 to manage multiple properties in Cleveland/Maple Heights. While IIP keeps a professional tone in their correspondence, overall it has become increasingly evident they do not possess the skills required to manage rental properties that are intended to be passive income investments by their owners.

In May 2022 a $4,656 down payment was made to IIP for them to hire Diverse Contracting LLC to complete a rehab of a property. 3 months later IIP advises "due to losing several crew members he [Diverse Contracting] is not only behind but also needs an additional 2k payment." I received clarification the scope of work had not changed so declined to pay $2K more. The contractor then abandons the project. Attempts made by IIP to get in touch to recover the down payment are ignored. IIP management gets involved acknowledging the vendor, "though highly recommended and thoroughly vetted, has not performed their obligation by accepting down payment funds but not performing the work." Management advised they were pursuing repayment of funds through the vendor's insurance carrier and were researching legal options for collection. I was also informed they were obtaining secondary bids from other vendors but will require additional funding in order to proceed with any work. While I understand things may go wrong during a rehab the lack of accountability from IIP was quite the let down from my newly hired PM company. The end result was I ate the monetary loss including months of potential rental income. Since this incident I have vetted and hired contractors myself and managed my own rehab projects.

IIP continued to manage my properties with the exception of rehabs. Unfortunately their lack of ability to properly manage rentals in a way that provides a passive income experience for owners was not limited to rehabs. A recent example:

I was sent a $1,110 bill to pay for lead safe certification as Cleveland requires this for completion of rental registrations. IIP’s bill prompted me to pay a $555 fee for my Maple Heights property in addition to my Cleveland property when the requirement only applies to Cleveland. I reached out to IIP to get the bill corrected and moved forward paying only the fee for my Cleveland property in Oct 2024. 3 months after paying I had not heard from IIP so I followed up for a status update. I learned no progress had been made on completing the certification process. They blamed the tenant for being non-responsive when they could have simply provided the tenant with a 24-hour notice to move the process forward. In April 2025 I again contacted IIP for an update and was advised a passing inspection was completed however I do not have a copy of the lead certification to date.

The need to validate the info being provided and follow up required to ensure tasks are completed is time consuming to say the least. You also need to review monthly statements closely as there is often surprise expenses you were not previously notified of or asked to approve. For example, if you sell a property they will charge you a $500 “early termination fee” that shows up as a "commission" expense on your monthly statement.

Hope this helps someone else avoid the challenges I have faced over the last few years!

[Matthew Cates]

Sheesh, that's why MIG, Memphis Investors Group, is successfully fighting rental registrations in Memphis year after year.  It's not like an investor needs any additional expenses when homes already have enough of them.  LOL