and I had already assumed I was going to eat the several hundred $ of the water bill he never paid. 

A couple of them have HOA listed as a cost, and that's eating a lot into your margins.

I'd be eating extra cash until I build up the 20% to get PMI wiped away however - the R3 zoning is a huge oppty to get into this area with as it is a large plot of land for the area. 

That's what will eat you alive, I've seen it happen many times.  

Duvet covers can tend to take a real beating - people eat and drink in bed and spill things, they get washed often which causes them to fray and degrade, etc.

I offered to run the whole job from beginning to end and they just had to sit back and collect a fat check for 50% of the profit. 

I will note we have a handful of clients in the business of setting up syndicates who have and plan to continue to set up QOZ funds that they are able to find ample funds for.Due to how the rules work / requirements, how it works for most people is they'll put their funds into a syndicate like entity - the amount of the gain deferral needs to be significant enough that you won't eat it up with compliance costs. 1) loss of control - many of them didn't want to make the jump from running their own investments/business, to giving up that control to a fund.

The 9% mandatory property management fee eat up a lot of your profit, so I give up all multi-family in Las Vegas. 

I would have thought they would have given you a labor warranty with a new install, so maybe the dirty coil claim was to cover a deficiency in their installation that they would have had to eat as a warranty.

My fear is worn out stuff like HVAC, roof, or plumbing eating future cash-flow.