It's up to the individual accredited investor to perform research and make an informed decision.   

He found it challenging to get comprehensive info on their historical performance and the underlying assets.

State costs vary, but more or less should be +/- $750-1000 to get obtain your NMLS mortgage license (with courses) and most states permit dual licensing in which brokers can be legally compensated on both sides of a transaction.I'd be very cautious about performing dual capacities in any single transaction for two reasons: 1. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

It’s not just about managing assets, but people too.Market Reputation – Always perform due diligence and assess the firm’s track record through interviews, property visits, and broker consultations.Choosing a firm with these qualities ensures better management and long-term success.

Networking can provide valuable insights and opportunities.7) Get Pre-Approved for Financing: If you plan to buy property, secure financing by getting pre-approved for a mortgage or exploring other funding options.8) Start Small: Consider beginning with a smaller property or investment, such as a single-family home or a small multi-family unit, to minimize risk.9) Conduct Due Diligence: When you find a property of interest, perform thorough inspections, research the title, and assess potential for appreciation and cash flow.10) Take Action: Once you're ready, make an offer and start your real estate journey.

When they have a lot to lose, they will perform much better.

Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals.

In this case a maintenance item that I cannot get the tenant to perform.  

ROI and cash flow only predict how a property is likely to perform on day one of a lifetime hold.