Fund investors will get their preferred 12% first and then any excess return goes to Dave and his company.  

Fee's are also expensive for nothing (using nothing loosely). 

They are great deals in markets like this, but if you get in a bad neighborhood, you can loose a lot. 

If you plan to scale at all, that will result in an excessive number of accounts and cards to keep track of.

As a company we are considering a third party that offers virtual/face time walk thru's where human engagement occurs from the first phone call, until 11pm, weekends, holidays included- where the prospective tenant is loosely (virtually) tethered all the way through showings, feedback, follow ups and ultimately application process.

I was also thinking something along those lines, but I am glad to know that you also think that $50k in earnest money deposit is excessive.

If I am losing money on LMHA as a landlord then there should be 10x that number of good people losing their vouchers because they cannot stay in good standing with the excess failures the system has at present. 

In ID I dont believe there is any high balance FHA limits that I know of (Coeur D'Alene, ID).Then again I dont think you need high balance limits anyway as the regular limits of FHA 4 unit property are well in excess of 1.4M and Im pretty sure the fourplexes in CDA arent that high unless you've found a unique Specimen of a fourplex house hack strategy.

You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds.

I have found excess service calls to be very rare and they have been limited to tenants that were already known problem people (usually people with some kind of pretty obvious personality disorder).