If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!

I invest in Richmond as well, through house-hacking and BRRRRs primarily!

Someone can make some money there, but I think you really have to know the city pretty well. 

If this is a one-off issue and they generally handle things well, maybe give them a chance to make it right.

Quote from @Brittany Minocchi: I'm a bit farther north, but I've helped a couple of people with loans in that area - the properties seem to be working out well for them!  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Target ReturnsWhile target returns are crucial, these should be discussed only with investors—not brokers or others helping you find deals.Sample Investment CriteriaHere’s an example of well-defined CCC:Location: Primary and secondary cities in the Southeast with population growth.Type & Class: Class C garden-style or walk-up workforce housing with repositioning opportunities.Age: 1980s construction or newer (case-by-case for older).Price: $5M–$12M, requiring $1.5M–$3M in funds.Size: 100+ units.Cap Rates: Market rates.Roof Type: Pitched roofs preferred.Value-Add: Opportunities for improvements or better management.Why This MattersBy creating crystal clear criteria, you:Avoid wasting time on deals that don’t align with your goals.Build trust with brokers and partners by demonstrating a focused investment strategy.Increase your chances of finding deals that meet your financial and operational objectives.I'll be posting each chapter as I go through them so you can follow along from my notes and we can discuss different strategies.

When it's a well established company like Apple, they aren't likely to be going out of business so there is some certainty that there will be in increase in demand for quite some time.

hi all,I'm a rookie investor, have a couple of properties that cash flow well.

If you discovered the issue before paying for the appraisal that could hopefully save some costs (in case the appraiser is with the wrong AMC).Pre-vetting with the lender on rental history/AIRbnb/1007 as well as seasoning could help.