I have a house on a busy street which bizarrely is currently undergoing a renaissance - lots of flips and some big new houses going up.

So the property right next door to me is undergoing foreclosure.

The seller falsely claimed he was going through cancer treatment and asked if he could stay in the house while undergoing therapy.

We have one house undergoing rehab. 

It is undergoing a boom from development and tourism.

Does it undergo automatic back-ups?

So, for an investment to be turn key it has to undergo major capital renovations.

Colony Park is located in the far east of Austin which just like east Austin is expected to undergo a huge development in the next year(s).

Your proposed  unit is under going the damage from inexpensive floors and interiors materials.

While we don't necessarily have the time to manage the properties 100% ourselves, we at least do have the flexibility to be moderately involved and plan to keep the property manager accountable and regularly undergo thorough audits of incurred expenses (i.e. request bigger ticket items $150-$200< to be submitted etc).Through a mentor (very large SoCal real estate investor involved in large Industrial, retail, and with vast experience in SFH-MF), I've been seriously advised against hiring a property manager - he's warned that while the baseline fees appear to be a good deal, the inflated repair bills, stalled evictions, and mismanagement will eat up cash flow and money out of pocket will be needed to make mortgage payments - even with the best PMs.Out of curiosity, what has your experience been like with property managers?