JayAs usual I agree with you.

Ithaca usually seems to have good intentions but this one is just short-sighted.

When I buy a property it is usually from someone who Really, Really needs to sell.

This usually works where there is a lot of garages.If you have the means to solve the financing challenges a tic/coop can be another sophisticated value add.Note this is just some value adds.  

I understand that placement fee if one month is often standard for PM companies, but usually a lot of work and effort goes into placing a tenant.

If rents are truly below market then it usually comes down to: Long term tenants which most owners are ok renewing for lower ratesNot wanting to fix the place up to bring units to market, either interior renovations or exterior renovations.

For this reason, I would take inventory of the local banks within your target markets that offer financing options that best serve your real estate needs (again, usually the smaller local banks), and build depository relationships with them.

The description and pictures are excellent marketing.   

I asked them, what do you usually short sale properties at %?

That amount is extremely low compared to my other investments which usually make more than a 100% IRR over a 3 year period of time.