However, it is perfectly acceptable to combine all tenants’ security deposits into a single account.

If you own one rental, you are part of the exclusive 6% club.

I’m considering a 20-unit multifamily property listed at $1.6M, but the seller has indicated they’re willing to accept $1.25M.

I realize this could have been bad luck (for the PM company) but while they accepted responsibility, they didn't, for example, reimburse the cleaning costs.

I accept the need for a competent PM and the reality that competence typically ain't cheap.

I've seen a lot of your posts and I'd be interested to know what you think differentiates those 'few' investors that do manage to scale their businesses from the 'most investors' that are unable to achieve a gross ROI that would generate acceptable profits for a sponsor and investors?

Just because someone has a voucher doesn't guarantee we will accept them. 

Because only motivated sellers are willing to accept an offer below market value.

My market of central OH has some isolated areas that are like this, and in those areas, its generally accepted as "the way it is" but those areas are also very desirable and "hip" so there is a give and take persey.

That is why PreREO requires the defaulted note buyer/partner to file for a court hearing requesting a third party independent receiver to be given court approval to accept rent on behalf of the actual owner of record and divert the funds to you, the note buyer prior to taking title via a completed foreclosure.