Basically they often are added by people who do not do thorough and accurate underwriting. 

Nicholas Nassim Taleb helped me get there too.I find cashflow mostly a present gauge and thus much more highly accurate.

@Spencer DixonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

@Chizitem Ibeneme Call local property managers in the areas you're considering for the most accurate info on rental rates.

If the market value mentioned above is accurate and the “initial” loan balance hasn’t increased by rehab funding, I wrote above that the proceeds are just a couple million after closing costs and commissions.

The sales comparison approach is typically done for residential real estate and will be less appropriate and come in under value because there are no good comps, and even an appraisal using the income approach (unless the appraiser is trained to do more complex commercial appraisals) is probably not going to be the most accurate either because they typically use market cap rates and in this case you don’t have good comparable income properties to find the market cap for the analysis.  

GPS isn't always 100% accurate and trying to open the door of the wrong house can have seriously bad consequences.

I'm asking him to gather all these docs for me (and he is) but I'm wondering if that's even the norm, or if most investors look over all that during the due diligence phase.

That is your competition.I believe my recommendation will prove accurate.  

it will show you how many times it was sold and how much they made (usually millions)Hi Laura, would you please recommend a dependable service who would produce accurate, high quality, court-ready documents?