It helped me to hear a bit more about their platform and details of how they operate and it certainly changed some of my perceptions that were incorrect.

Interest should really be pegged at the perception of actual risk compared to conventional loans, the ability to pay and credit standing of the borrower.

Negaunee is more desirable than Ishpeming (closer to Marquette, and a perception of better schools). 

That's my perception and opinion, anyhow; I'm sure they vary.

Just my experience and personal perceptions...

Exploit these existing societal structures to further your own lot in life.

Each iteration I read about not having a GC supply or pay for materials, actually has nothing about a desire to control the materials management leg of things, it's from a perception/assumption that it will save-$, effect a reduced cost of materials. 

(we are about to possibly get statewide rent control) We landlords all need to seriously consider the consequences of these perceptions and our actions.

My point was, it appears, based on anecdotal evidence (which is the same evidence you provided), that the PM industry, has at a minimum, a perception problem. 

But, if you employ the same accounting principles as an individual, much of the questionable expense matters go away as well.A bigger plus is to marketing, if you advertise as ABC Properties, LLC, the public perception is different than advertising as Mom and Pop.