Or where the borrower sells the property to a third party with the assumption of the note - at an increase in interest rate.  

We have our own team for our properties and we don't manage for third parties, but I do see the cost. 

The CFO thing again, I would bet he was not an employee but a third party consultant he hired to do books for him.

Quote from @James Kerson: @John Warren though I’m a licensed Ohio broker, I’ve used that license exclusively for third-party property management assignments and to get the buyer-agent commission on some SFR deals.

Law enforcement is now targeting third parties involved in “cooking the books” that “force by fraud” qualify clients for Covid-19 relief.

I've read through the entire thread and - no snark here whatsoever - I'm not sure what we're celebrating. 

Would obviously have preferred to use a third party but this accomplishes exactly what I need - a birds eye view of the profitability each month without have to re-enter operational and tenant data into my own system when the property manager is already tracking this information. 

If you are buying your first (or second or third) mortgaged property you do not have a whole lot to lose going either direction. 

Be a human being first, a landlord second and an investor third. 

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.