No one's perfect and honest mistakes happen and a PMC often needs guidance as to what level an owners wants to maintain their property.Wasn't trying to solicit your business,so I'll respond via DM about the rest of your questions:)

My biggest frustration isn't with the deal failure itself, it's more with the operating performance of the GP and honestly I'm not sure how an LP can really determine this.

Honestly...you have about a 10% chance of collecting any money.

Yes, that is what I meant by securities, not sure what else that term applies to honestly.

I tried a big out of state flip due to living in a HCOL area and it failed miserably because I couldn't keep eyes on it and didn't have a good/honest team in place.

Jon, I have done this and honestly their nightly rates in most cases are within $20 per night of my place which doesnt have a pool.

I honestly wouldn't trust anyone else with my clients but him when it comes to that local market.

To be honest, I´m in the Maintenance & Construction for corporate businesses for some US companies in Mexico and we do some Real Estate down here also, but it´s way much different than the US, so I have much to learn from a lot of people around here and as @Julio Gonzalez, I think this is pretty much the right pad and place to start and to break my fears to start all over again from scratchAlso, I´ld like to hear more from @Justin Brickman why he voted for his city, pros and cons, it will help to read from a local...As I said before, thank you all guys for taking the time to write in this post and share some experienceDo you plan to owner occupy. $40k will not get you a non owner occupied San Diego property unless you find some unlikely alternate financing.

(I honestly have no idea)

Honestly, I've joined a few guru's community (I paid for the memberships of coarse) but nothing happen.