This Is a common concern for people doing a 1031 exchange.

You use the funds of others to fund the deal, you do the work with rehabbing, renting, and managing side of the deal and both you and the initial investor whom invested their funds split the profits 50/50.This is one common way it is done for fix and flip.

We do cross-collateralization with a 1st lien on the new property and a 2nd on a rental to cover more of the purchase price and possibly some of the rehab to allow for a BRRRR scenario.

@Phillip AmbroseI am unsure if I would do any business with friends, but I feel the safest scenario is lending them the money to make the repairs (while also placing a lien on the property).

The most similar scenario I encounter is folks who buy trailers for dirt cheap to rent out here. 60k entry (or whatever they are going for) then 600 a month to lease the pad/land.

@Nubia SilvaFirst thing you need to look at is your condoDocuments and understand what is common area vs unitFor example a plumbing line that is a main that runs through the walls may be considered common area but if water is leaking around the drain in your unit then it could be your issue.First identify the leak which the condo association should be involved in when it’s unit to unit leak to get it reviewed to check where leak is from.

I can easily construct a scenario where the PM did absolutely nothing wrong despite your current perception.

What is the full scenario looking like ? 

In theory you could also recover 1/6th of the CAM costs, too, but in my very limited experience with mixed use, the first floor commercial could very well push back on that, since they very well may not be utilizing almost any of the common area, depending on building layout.CAM would come from any number of places, commonly:Cleaning and utilities for any common lobby.Window cleaning for the buildingParking lot maintenanceLandscapingCommon HVAC maintenance, i.e. if a single furnace heats multiple spacesUltimately, you will want to be talking with either a commercial leasing agent or an attorney that specializes on commercial leases.One thing to note, while NNN leases are generally great, there is certainly work for you on a semi consistent basis, in creating the monthly escrow amounts and annual reconciliation.  

This is an all-too-common mistake: a rental sits vacant, less-than-desirable tenants are approved, and then those tenants don't pay and cause issues.You have to rip the bandaid off and ask them to leave.This may sound harsh, but it's not entirely the tenant's fault.