What precisely went wrong?

Our company started precisely the way you stated your idea came to you. 

Most standard MLS contracts now include a box check for 1031 exchanges. 

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

One key lesson was the importance of precise budgeting and renovation timelines.

A Title Company can distribute the proceeds based on the agreement, and consulting a CPA will help calculate tax liabilities and explore strategies like a 1031 exchange to minimize taxes.

If they can get what they want, they'll sell - often trading up for a larger property by way of 1031 exchange. 

If you would really like to explore the sector : why not go and message 10 to 20 operators and offer to look after their property or clean their property for a month in exchange for their knowledge and details on the numbers.

Or any amount of cash you take out from the exchange are considered to be profit. 

At the same time exchange phone numbers .