Had 1) an assignment or 2) an entity acquisition been possible rather than a (fat) double-close, this would now be the end buyer's problem. 

This was not the case of vandals burning abandoned buildings, nor the case of landlords burning building to collect insurance.  

And you may burn the bridge if you fire them from PM to where they don't do the rehab work anymore.

But he eventually spun his inherited wealth into an image of being a smart businessman (despite several bankruptcies, many failed businesses, burning a lot of people and being part of many, many bad deals and scams).

You're going to get burned if you don't dig deeper and do more research.Friendly advice:)

Think of PM like insurance- you wouldn't own a property without insuring it. 99% of the time, things are fine and you don't need the insurance and it feels like you are throwing money away, but when your house floods or burns down, you'll be happy you paid those premiums. 

My best advice is to pick the issues that are of major concern like roof, foundation, radon etc. but perhaps skip the leaky faucet or burned out light bulbs.

Considering airbnb's downtown, long term rentals in up and coming areas near burns park, fixer uppers...pretty much anything except student housing - that feels hard!  

I got burned several years ago.

I have a client exploring a new build (her home recently burned down).