Buying and rehabbing ensures you grow at a pace you control. 

Single family homes are exempt from rent control when privately owned.  

All we can do is help where we are accepted. we don't control your property.   

The losses would have spiraled out of control for me had I not been able to sell my second house immediately.I don't look back on my experience with any regrets since I know the risks we take playing this game. 

Neither VRBO nor Airbnb are vetting guests, either.The best you can do is have some internal controls, such as minimum number of nights.

Even large and small businesses with intangible residual services like TV, internet, security, pest control or the local contractor with remodels in process could fall behind on payments revenue contract. 

How much “control” are you willing to give up? 

If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!

They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

Since you retain control of your money, how does one consistently maintain 30-50% cash on cash return?