Why did the financing fall through?  

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

I've seen this and it's the blind leading the blind.

I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.  

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

I've been through 3 PMs in less than a year. 

Would that be, for example, if the PM says, "I manage a duplex for John Smith in Turlock," then I call John as a reference, ask John a few questions, and then ask John the address of his duplex so I can later look it up on the county website and verify if he is the owner?

I'm on the fence about signing up.

There is not the depth of what you're asking.

Many purchase deals in the city/county of Los Angeles are still going through already.