Or are they performing some sort of arbitrage and they are not the end buyer.

Put together a spreadsheet and compare the performance of the subject property if you keep renting it as is for the next 10 or 20 years versus if you rehab and refinance.

And, past performance is no guarantee of future results. 

Haha, but you know what they say - past performance is no guarantee of future results. 

This is purely anecdotal, but I've noticed that the top performing properties in my area lead with an exterior shot.

In the end a solid turnkey company will still be able to provide a performing asset to their investors.

He had performed virtually no underwriting.  

If it is later found to be the work was not performed according to code or properly repaired, we will seek damages from your firm since you knowingly hid this from us and would not allow us to understand the extent of the damage which occurred behind walls.Thank youThis way you are putting them on notice that you were aware damage occurred and they did not allow you to properly inspect it.

Be sure you are comfortable with the math and know exactly how much you should be getting depending on how the property performs at different levels.  

The data backs this whether it is derived from case Shiller top performing residential markets for this century or it is based on the data of the top appreciation markets in neighborhoodscout.