In my shoes, it would be hard to credit a client for a decision that could have saved you $10k+ in damages, especially when it wasn't something that went to our firm (like management fees or an in-house maintenance contractor).

A condo is cheaper, but what about the HOA fees?

Also, if your state allows it, add a clause in the lease and attach a fee to protect you if they leave without notice. 

Access to MLS is one of the best reasons for investors to get their license since it's such a low bar to entry and low annual fees for that and access to all dumps on the market.

However, it increases costs and administrative work, like filing fees and bookkeeping.Tax-wise, LLCs are pass-through entities or disregarded entities, so profits and losses flow to your personal return, but managing multiple LLCs complicates filings.

Everyone that has more than 1 or 2 properties should have some kind of basic spreadsheet that demonstrates how much that property is bringing in after all your fixed costs are accounted for, at a minimum - PITI, lawn care, HOA fees, etc.

What are fees associated with the Qualified Intermediary holding onto this money?

From a transactional cost standpoint alone, the fees on the way in and on the way out require significant appreciation to break even.

They’ve been solid investments, with rising rents and property appreciation, but over the last 2 years, skyrocketing HOA fees and stagnant value growth have reduced cash flow.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?