I had no visibility into the financial side because my contractor was a poor business man.

Though if I were handling claim like yours, I would probably call and talk with the Association's attorney and find out why (s)he thinks the statutes don't apply and then call and talk with the insured and explain the coverage decision and answer any questions before writing a confirmatory letter. 

A poor presentation can make a difference. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

However, it may be a better strategy to base your decision on cash flow rather than speculative gains.Purchase Price: $480KAnnual Rent: $2,400 * 12 = $28,800Expenses (@30%): $8,640Net Operating Income (NOI): $20,160Cap Rate: 4.2%Another point to consider: if you're already facing negative cash flow, how will your returns be impacted when it comes time to turn the property or if a costly repair is needed?

I've gone through a couple handymen that overcharged for very poor work so I'm looking for recommendations from people who have actually worked with someone in the area.

Alternatively, I could stick with the hard money loan and refinance into a conventional loan later.I would appreciate any suggestions or advice on this decision.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

The CCIM Institute has awesome courses that take you through the gamut of understanding the language of commercial real estate, financial analysis, market analysis, and advanced investment decision making.

It was the best decision I ever made, and I am not saying this lightly.