I am wondering if anyone has ever taken legal action against property managers, and if they think we have a potential case? 

Taking action and learning from those actions are key to moving ahead.

I don’t know whether they’ll eventually bring enforcement actions upon this PM company or not, but I doubt they’d bother to take the time to scan all 21 pages if they don’t plan to do anything about it.

A tiny % of people can avoid the hard work by getting creative or lucky, but most have to work hard, take action, and be patient. 

I currently work in the turnkey investment world helping investors create a real estate portfolio, if you are ever interested in trading different strategies and goals, I'd love to connect! 

He is a contractor by trade and I am the sales and numbers guy to loosely define us.

This cap rate is not completely out of the realm of what things are trading at.  

Development has different risk profiles and longer timelines BUT when you have the right team working together and you build a pipeline of projects it can be very financially rewarding without trading your time for dollars.

From there it's running a schedule and taking responsibility for my actions.

By definition, these type of loans are not the same quality as what is traded on wall street.