The story was she rented the place in the 1950's, under rent control then under rent stabilization laws.

I'm in a beach area where Sat to Sat rentals have been traditional for 100 years, but not any longer since the rise of Airbnb (and less control by local property management companies).

However, if you bought it and managed it as a market rate apartment, your experience would be very different.My point is, I can control how fast a unit turns simply by adjusting my asking rents.  

Also, check if they have skin in the game (their own money invested), as it shows they’re confident in the deal and aligned with your interests.If you’re considering alternatives, REITs are fantastic for super-passive investors who want steady, low-effort returns—usually about 2 points above a savings account—but you lose tax benefits and control.

Otherwise, the DST fees eat up the tax Ruthie- Yes they are in control for when the property is sold.

If your DTI is good, you can control a $1M asset for $50k. 

Letting go of control into passive investing and being a money investor makes me nervous.

The PM dropped the ball by not doing more to control the situation.To answer Jordan's original question:Do you think that is fair - to be forced to pay for your manager's mistake?

Now, youre under the gun on a refi needed to finance another purchase and the loan you were counting on isnt - and never was - available to you because of an error that wasnt caught due to a lack on internal quality control.

There are too many factors that you cant control .