I think when you hire a PM you have 3 choices 1)  A very small local provider (<15 units) and they tend to me 1-2 person operations, they are the one unclogging toilets, answering guests, etc and it is tough to do everything, so things lack. 2) A large/nationwide provider where you are only a number and they usually lack local resources 3) A mid size local provider who have resources and you are not just a number.Through effective revenue management with a revenue manager, and being listed on 15+ sites including Marriott Homes & Villas, JetBlue and Allegiant Airlines, Hyatt and Amex Travel (coming soon) we are bringing in more revenue than most can self managing, offsetting our fee.One of the top questions I tell people to ask their manager is the fees, who keeps them? 

There are low-income people on Section 8 who are high class people however they tend to look outside of the Class D properties.

We tend to see rent by the room more common for students around universities in MA at least.

Personal example, when I fix up the units in my places (2-5 unit properties) I tend to go from a 5 to a 10 rate of return.

Tends to be landlord friendly can evict in a month or so if needed.

Typically, a good GC can guide you through the entire process and has architects that tend to partner with on most projects. 

But, again, I tend to reply on the PMs suggestion as they have likely worked with multiple vendors in the past and will recommend a reliable one that does quality work.  

People in Denver love outdoor space, and tend to have dogs -- so in that way I could outcompete a lot of MF operators flooding the market.

This is why I tend to shy away from static hypotheticals or "fictitious" cases designed to project some kind of a return scenario that, in reality, is hardly ever the personal experience someone will have.

In situations like these, I tend to see more cash for keys.