It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions. 

Finally someone visited on 8th day and removed fans and dehumidifier and suggested me to sign a digital paper saying it just says you are satisfied with our work.

With all the reams of paper I have used along with the $1000s in overnight fees,  I could have easily bought another property or 2

As she'd signed the papers at a much lower purchase price, the builder was in no hurry to build it. 

Anyone who quit their W2 for REI had the ability to probably withstand and succeed from 2 real estate cycles to where their paper net worth is huge but their liquidity is still tight and getting tighter with increases in everything price wise.

Lay out on a piece of paper. 

I give applications to everyone , paper is cheap 

Fix&flip model of REI is not simple as it is in paper by numbers especially if you are getting into the space.

I have sold a bit over 50 million of the northside 2-4 units so seen lots of day 1 analysis vs long term, they tend to not look great on paper in year 1 but rents ramp up each year and they run under 3% vacancy here so actually bring high returns over the long run.

Tub/ shower,  kitchen.Let them run for 5 minutesThen flush all toilets with some toilet paper in it.If toilets take more than 5-6 seconds to flush down then you have a problem.