I am concerned that he/she is either filing bogus small expenditures OR performing services himself/herself and making profit.

How can the other partner replace them if they perform poorly?

Plus, it includes one year of complimentary property management to boost cash flow.

if so, how is the performance and occupancy rate?

Proactively communicate the performance of their investment.

If you finance a portion of the purchase at a lower rate, it gives you "leverage" that helps boost the returns you can offer investors (and have something left over for yourself), as you won't need to raise as much capital from them.

The goal is to make the property more attractive and functional for future tenants, boosting its After Repair Value (ARV).3.

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

Especially considering this performance is over an extended period of time.  

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!