You'll just have more management issues as people can get super emotional when things go wrong in the place they live.... they get hot, cold or wet or upset about something going wrong in the house and something needs to be done pretty fast to get them to calm down.

Focus on your mental/physical/spiritual self - read/stretch/learn to calm yourself. 

Calm down and Just make sure he’s paying rent and not trashing the place .on a side note  I can’t believe you need to obtain a landlord license from the city .

While our block seemed calm the surrounding blocks seemed more chaotic with houses in poor condition etc.

I would request a meeting with the owner of the property management company to discuss the issue calmly and respectfully.

Also do I need to do anything in order to calm the loss on taxes maybe?

I would like to take a look at a whole bunch of sample term sheets.I want to know the typical structure for a real estate fund, and for a single asset purchase deal.E.g. what types of payment structures are most used, is it almost always the waterfall, and if so, whats the average waterfall breakdown?

It comes down to the waterfall structure and order of payback. 

Although non-recourse, they have long memories.If you do this, just make sure you have a strong operating agreement and structure your waterfall right.

We think the ARV is somewhere around 850k and the total rehab (fresh interior / some exterior / some hardscape, holding costs, investor waterfall, etc) will sit somewhere around 210k and 6 months time.