Or, ya know, just spend the next 140 hours trying to get a self-study law education followed by another few hundred hours self-study to sort out how to avoid repeating the situation.That's the reality of it all. 

I have a w-2 income and own three properties, all long term rentals, that I've had for a few years.

-Thank you all in advance.

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

Your immediate sarcastic response prompted all this. 

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal. 

Also ask, when you submit the plans does the city give a hard time on all the stuff or just a couple things. 

Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means). 

@Paris Scroggins Metro Detroit is all we do!