For example, the PM wanted to charge $300 to replace a broken mailbox. 

They won't really look at the cost with that appraisal, but will look at the materials and workmanship for any upgrades/downgrades of value. 

The Lead investor is the one finding the property, setting up management, raising money, managing repairs and upgrades, dealing with insurance, making distributions to investors and completing all the tax documents for the investors. 

My story is much of the same as others that have chimed in, many broken promises and lies.

That includes a destroyed futon, broken window (the locking mechanism) and other small things.I guess it depends on what you mean by issues.

I'm sure you have to upgrade more and more to get consistent bookings.I would also agree that not as many people are willing to fly into the Smokies as opposed to flying into the Rockies or just going International. 

talk to the dept of health first (records requirements etc), establish what upgrades/maintenance required, line up a reliable repair/handyman/type person, consult lawyer, and then make your offer, see if you can buy the land it's on via lot line adjustment (ideal scenario). a lot to be aware of, such as system upgrades or county code changes bringing in the requirement to add metered connections to an older small system, for just one example.Otherwise- owner doesn't want to manage, I doubt you really do either but could be wrong. 

The renovation is significant (flooring, counters, heating, upgrading the bathrooms, etc.), but not a complete remodel (not adding or expanding structures).

Two REI rules broken:  a. 

Compete with new constructions with upgraded as granite or Quartz counter tops, central air and heat,and in unit laundry.