I highly question the underwriting performed.  

So you still want 10% for performing the same work?

Hey Stephanie - If you’re open to STRs, they tend to perform well in Orange County.

It may make evictions of non-performing tenants difficult or impossible.

You may need to shop for a CPA who understands the rule the way you & Brandon Hall do. 

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!

I think this stuff needs to be redesigned or pulled from the market if this is how it is (not) performing.

.- I have not done a brrrr since the rates increased in early 2022 because in my market they bleed cash after I perform a refi to extract some of the value add

You get what you pay for in all cases: while shopping for food, clothes, attorneys, CPAs, Doctors and Realtors. 

You haven't even closed yet so how can you assess its future performance as profitable or not.