After a year and a half of him creating unnecessary issues, we decided it was time to find a new manager.

LOC on business purpose doesn't really make sense from a lenders perspective.Think about it, you have to tie up funds and not earn a return until the borrower wants to use them.Time is money and if your lending money you want a return each day your money is out.I'd strongly recommend just going with a cash out refinance and avoid spinning wheels looking for a LOC. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.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!

A good way to avoid this in this future is to use a vendor worksheet/package that request the pertinent contact information along with a document request for the filed out W-9, copy of business license, Worker comp and liability insurance certificates.

Lastly, we’ll know enough to level set unreasonable investors and avoid burnout.The real investor-agent.

@Amanda Gauthier we work with a lot of real estate investors who provide us with intel on who the great property managers are - would be happy to share this unbiased feedback to help you avoid this situation.

There are so many posts every day about being stuck mid-renovation, out of money, or at a standstill because of decisions made that could have been avoided.

Also, if you have worked with house movers, any advice on things I should avoid or red flags with these guys?  

Pest Control: Owner handles big problems such as termites etc; tenants keep the place clean to avoid pests.9.

Lending can allow you to be more diversified and since it is short term, avoid getting caught in large downturns in the marketplace.