A client of mine owns a couple of PadSplit properties in Marietta, which are performing exceptionally well!

I have many properties and very happy with performance.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

I am planning to perform a cost segregation study on the STR's I have purchased to take advantage of the bonus depreciation rules currently in effect to offset the tax consequences of leaving some $$ on the table coming out of my 1031 exchange.

Just scan all the listings to get an idea of performance.

Unfortunately 2023 for me is going to be a 'treading water' kind of year as I don't know how these flips will perform in the current market.Good news is I have very low leverage on the deals, and if the houses don't sell my backup plan is to convert to either short term or long term rentals.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE 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 and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

In the future, a) get a super detailed Scope Of Work and ironclad Contract. b) Do not pay more money as a progress payment than the amount of work that has been performed, that way you are never ahead of the Contr or vice versa.Your options (depending on how much he owes you) are Small Claims Court, the State Registrar of Contrs, and possibly the local DAs office or State AG if the amount is higher ($50k ish)Good luck, let us know what happens.

I will add that out of my STR's, this is the worst performing so if you can't stomach slow months this may not be the market for you. 

Talk to local agents to see what they think the value would be post construction and what the rental value / estimates would be If you get answers that make sense to you to proceed from the above then keep unpealing the onion of development and keep performing the next due diligence steps towards making this project a reality!