From what I can tell, the most successful people who operate in C and even D class tend to vertically integrate their property management as most 3rd party managers just can't be compensated enough to make things work long term.

My guess is one fee you and your friend are noticing is a percentage cut from third party maintenance work.

Both parties agreed to 3 months.  

There are specific rules for 1031 exchanges including:The replacement property must be identified within 45 days of transferring the relinquished property.The replacement property must be received within 180 days after the transfer of the relinquished property or the due date of the taxpayer's tax return, whichever is earlier.Special rules apply for exchanges between related parties (defined in § 267(b) or 707(b)(1)).Real property located in the United States and real property located outside the United States are not considered property of like kind.Cost Segregation StudiesA Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

Another reason may be that you appear unprofessional and interested parties are looking for a sweet deal like a landlord that doesn't screen or is negotiable on all their terms.

I’m comfortable sacrificing a bit on revenue in exchange for steady cash flow, lower expenses, and fewer headaches.However, if you come across a standout property with a pool and great amenities in Scottsdale, it could be very beneficial during spring training or for bachelor/bachelorette parties.

Quote from @John Jasko: Yes, and I was brought in to the deal by a 3rd party money wrangler who has since washed his hands of the whole thing.  

Its a no brainer that you are right and the other party is wrong, yet, you still higher an attorney to represent you.

Issue the loan to the borrower's entity (LLC).Either be available to receive a call or return the call as swiftly as possible when the borrower comes calling.Allow the borrower to have multiple open loans simultaneously (if all parties are comfortable with it) to help the borrower grow their business.Have loan products that help the borrower to expand their investing options in relation to ground-up construction and/or multifamily.Have staff that are knowledgeable to investing that can assist and understand the borrower's concerns or requests.Just a few that come to mind. 

I believe there is a basic tenet in the law that says that if a contract term is vague that it will be interpreted to favor the party that did NOT write the contract.