There’s too much at stake to lose.

Year 11 they are losing $1k a month and the property is worth 80% of what they bought it for. 

If I want 10% return and the note is a 10% note and I have to pay a commission, borrower pays off tomorrow I lose $.

Losing control of the process matters. 

If you lose 20% to the PM, then you still have 30~40% profit. 

If they’ve been around forever but only manage 50 doors, that’s a sign they aren’t growing for a reason.Good PMs are worth their weight in gold, but a bad one will wreck your investment.

At closing:The homeowner deeds the property to the straw borrower, relying on the false promises made by the ‘investor’All proceeds are used to pay off the defaulted loanThe homeowner walks away with nothingThe 'investor' pockets the equity and runsThe straw borrower defaults on the loanThe homeowner is evicted, loses the house and all equityThere are many variations of a foreclosure rescue scheme.

Also, stay away from Insula Capital AKA Atlantic Capital Holdings out of New York (Long Island) I didn't lose $200,000 but lost $10,000 plus on a deal they gave us a funding letter for $300,000 cash for a flip we were purchasing.

You aren't losing anything by deferring this decision. 

Most people who lose in real estate see it as a road to short-term riches, which it generally is not.