Because of this, they have changed their fee structure on me two times in the past two years2) They don't have back up cleaners so when the cleaner can't clean, they block off my calendar3) They do not have easily legible financial statements and do not provide 1099s 4) They have made decisions that have required my money without consent5) They block off check-ins on Sundays6) They are not great with technology - though they try to use hostfully to list on many platforms, I will frequently see that my listing is not up on VRBO for example.

And the children, those poor children, they we especially upset! 

In the event that Tenants decide they no longer want to live together, ___________ will be considered the primary Tenant to make decisions about modifying or terminating tenancy.

This would make decision making hard, on top of likely needing owners to sign mortgage guarantees, etc.Not enough involvement/too many owners, that you no longer satisfy SECs rules for involvement and it is really a security that needs registered or exempted.Some middle ground, like DSTs or these other fractional ownership, where the admin work is so intensive that fees need to be higher to make it worthwhile for the operator.Then again, I am drawn to real estate, so by nature drawn to traditional, proven structures.  

The more pain points you can solve for the seller, the easier it is for them to make a decision.

They need to appeal the decision with clearer facts. 

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!

@Tasha Smith I've been investing in Champaign, IL the past 8 years and the foundation to my portfolio, because of the PEOPLE and contractors being in place helps speed decisions up.

If offered, it's usually because they're asking for above market value, the property condition is poor and no one will buy it, or it's got a bunch of tenant problems. 

If you are more money than knowledge then most of the real estate decisions will be made by the other partners which will make you feel like a limited partner to something you are not wanting to be silent on.