Crew expects some relief through the 721 UPREIT for the student housing properties but details on the execution are hard to come by.

Yes, distributions have been below expectations and way below NOI projections. 

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

@Amol KulkarniRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I would need to consult tax consultant for this however I expect to reduce my effective costs by ~$1,495/month (based on a 32% tax bracket).2.

Speaking of which.. what’s your plan if the property needs more updates than expected..would you hold it longer, or look for other creative ways to make it work? 

these investors are expecting returns far higher than 10%.  

Most of our out of state investors in Pittsburgh find success depending on their expectations.

Look for books published in the last 2 years as some of the books post 2010 seem to give people unrealistic expectations.

@Walter PinedaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!