I have been studying this space over the last few months and a lot of GPs rely on the ignorance of investors (about their failures, inexperience, unrealistic underwriting assumptions or their unreasonable fees) to take more people's money. 

Right now, many MF are sitting for a while because sellers maintain unrealistic expectations of the market.  

They will help give you the lay of the land in that market and give you an idea of what you can expect and if they are a good agent they will let you know if your expectations are unrealistic for that market. 2) An agent in the market you are interested can recommend you to some and you would want to interview them once you get past the inspection period and closer to closing. 3) That would be the role of your agent.

Currently, when I include both refinance and sale proceeds, I get an unrealistic XIRR of 49%, while the average cash flow throughout the investment (7-year hold period) sat around 8%, and this seems incorrect to me. 

I think mostly due to unrealistic sellers holding onto the home values of a couple years ago.

From what I've heard it largely consists of a bunch of unrealistic investors who try to do subto, seller finance and other creative deals and everyone knows a guy who knows a guy who knows a guy..... but nobody is the guy if you get what I am saying. 

I've talked to several people who have bought turnkey properties and then watch them sit empty for months because the provider sold them promising a higher than market rent and thus an unrealistic return. 

The investors that seem to be the most unsatisfied like yourself are the one’s that buy 1 or 2 properties and in Engelo’s/my opinion have unrealistic expectations.2) The property management team did a fantastic job based on your comments here.

If it sounds too good to be true, it probably is: If firms are offering unusually low fees or unrealistic savings, be wary.Lack of transparency: Firms should be open about their qualifications, pricing and processes.

What everyone is saying is that your cost assumptions are unrealistic.