I financed this deal using private/hard money.

I financed this deal using private/hard money.

why on gods green earth would you want to buy 10k condemed houses :)  seems like a waste of time and money to me.

I figured why not just use a banks money instead of using a customers money and not have to deal with picky customers.

It hurts the tenants ability to find another rental, nobody wins, and it takes forever costing you money. 

Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

The checking account can act as the home for the funds until you deploy the money into and investment, then all expenses and returns flow from and into that checking account that you control. 

With conventional financing becoming more restrictive, real estate investors may turn to hard money loans for acquisitions and rehab projects.

I never saw a contract but if i had to guess I'm sure it says something like "if you don't make $500K it's not our fault and we are keeping your money".

If you don't want to separately meter for gas (which would be expensive but you would recoup the cost many times on a long hold), you are going to constantly be feeding this alligator of tenants wasting your money with liberal use of heat.