They take good care of the properties, but there's not enough attention given to pricing strategy and they spend money like nobody's business (not a problem when they were spending their own money on the master lease model, but a BIG problem when they were suddenly spending OUR money as the PM).

Type Line Item Fee Fixed Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $600 Variable Fees Business Hour Service Calls $90/hour + Materials Cost + Tax After Hour Service Calls $120/hour + Materials Cost + Tax 3rd Party Coordination HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Negotiated Vendor Cost + 10% Oversight Fee  

You will have spent real money to get financial reports that likely show a combination of mismanagement (but likely not illegal) and general inept business decisions, which still won't get you money.I am sorry you had this experience.

Shaq doesn't get half the credit he deserves for his business savvy.

Are you open to working with contractors, or do you stick with established businesses only?

It seems that often when companies acquire large books of business in one shot there are growing pains and unfortunately those are felt at the client level.

My focus is on providing either turnkey-style space for those interested in temporary, infrequent use or long-term leasing for business folks who require conference room space (or perhaps event space).  

I also own a water restoration and general maintenance business in the area and the amount of STR owners that we have spoken with is insane.  

This will set up your buy and hold business long term. 

And personal downsizing is always good for business!