Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

Don't operate under the, "we get along and can figure it out" mindset. 

This person pays one full month and now I am switching companies to evict them.The director of operations keeps getting fired and swapping with a new person and then they email me and dont even remember that we had already spoken on the phone about the eviction.I learned more about the eviction process by talking to other local brokers and property management companies who I wasnt even paying yet than I did from my own company.

Simply put, there are a limited amount of PMs that will operate in the area, so I ended up with poor management.

We have a RE attorney & mortgage broker to make sure our operation is legal & compliant.

She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

Most people don't know how to use a wood burning fireplace correctly - operating the damper, not closing the damper until the fire is completely out, going to sleep with the fire or coals still burning. 

It’s a well oiled operation to collect money then give you vague updates and excuses.

Start by deepening your understanding of CRE fundamentals, including net operating income (NOI), cap rates, and lease structures like triple net (NNN).

The issue is: can the operator survive to that "long term".