I personally spent about 6 hours cleaning which this property desperately needed.

Here's the deal we are working on.Multi family, sales price $240,000-Monthly rent $2450 (tenant occupied 100%)-Annual tax $6382-Annual insurance $2700-Repair estimate $65,000-Potential after repair monthly rental $3500Seller sound desperate to sell the property.We want to buy it for rental.

Yes, it would be a waste of time to send to some of these LLC's as they are most likely investment companies who own property aka not desperate to sell.

But I do not hassle them (once again I am VERY lucky to have a job where I am not desperate for the rent payment). 

In the future, I would be interested in creating student housing, as I see it is something desperately needed. 

What I desperately need is impartial advice from other property managers as to whether this is an appropriate garnishment of my wages.

Think about it, a seller has to be in quite desperate straits to hand over to you a property which may or may not be cash flowing and receiving zero dollars in return with a promise from you.Realistically if you are charting a course to sail into an investment property 100% financed by the seller having zero skin in the game and no real experience in any aspect of multiple unit complexes, you are setting yourself up to be shipwrecked.

My guess is that what went wrong was that Blackstone got desperate to spend all the private equity they raised, and in the process overpaid for their portfolio.

I guess I think it comes all down to how desperate you are for people.

TBH it sounds like a desperate attempt to get money out of you.