I would agree "turn key" deals on the mls are few and far between.Sorry for any spelling and / or grammatical errors in advance!

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Yes, they have fine print that spells out they are compensated, but I wish I knew to what degree.

On a related note, is it clear what would constitute a project/renovation vs. routine maintenance and is that spelled out in your agreement?

Sounds like they lent you the $ vs a partnership with an equity split.I give my private lenders a note (that spells out the interest rate and terms) and deed of trust for physical collateral I then make payments to them and the balance of the loan is paid off with the sale proceeds or a refi.

I was looking on their site and noticed they spelled “profitabel”.  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

The PM agreement will spell out what is required to terminate. 

I find that these agreements spell out duties and responsibilities without relinquishing any security for the investor and they can spell out any number of options when things go wrong.

But I quickly spell them away.