They're paid by the job and if their performance ever decreases (which can happen - they're great for a time and eventually for whatever reason their quality, timeliness, etc declines) then it's easier to phase them out & replace them with a different crew. 

There is a relationship team sourcing deals, then due diligence teams to perform DD, and ultimately investment committee meetings and sign off.  

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

For example, you can show the services you performed and the approximate number of hours spent by using an appointment book, calendar, or narrative summary.Doesn’t even need to be contemporaneous logs. 

I drove past the site daily to get home in Calico Ridge.

Linda,Welcome to the BP forum, it's one of the bes REI sites right now loaded with seasoned investors and seasoned professionals able to help with every angle. 

Even if it was a low performer (which it isn't), isn't it part of the game to reimagine, see the potential and make it a success? 

Discuss COC return, run a financial analysis for him and a performance chart showing the ROR after multiple properties have been acquired and cashed-out... good luck.

In our market, you can self manage, with all the associated work, and out perform the LTR income.  

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.