I can't seem to locate any material from that vendor and didn't know if someone in here could refresh my memory. 

You can always add extra paymentsthat said the capex and tenant turnover are going to be your major issuesIs this a repositioning to something higher end or refreshed?

Networking is huge is this game, plus it is very refreshing to be surrounding with like minded people.

@Jay Hinrichs refreshing to hear…I have several commercial brokers sending me NNN deals.

Ok, I'm in Michigan and I tend to do simple refresh type renovations. 

Refresh landscaping.I will also be replacing the HVAC.

The opportunity cost of lost rent, the cost and effort to refresh the home and find/vet a new tenant is significant.

May be have to take a 15 hours refreshment course before the exam.

However, for me it was truly refreshing to read a book which is not watered down in order to reach wider audience.

They only look at their back of the napkin calculations of what they pay a PMC, assuming it's 100% profit, because they NEVER consider what expenses a PMC has.Since you like to crunch numbers, why don't you calculate how much it would cost for YOU to hire people to do the following:Inspect a property to make sure it's ready to marketTake marketing picsPublish and refresh for rent adsTake all the phone calls from adsSchedule showingsChase applications, process & screenGet deposits and sign leasesCollect rents, chase delinquencies & evictionsHandle maintenance requests, which are never handled fast enough for tenants, or cheap enough for ownersChase tenants for lease renewalsCoordinate MoveOuts, damage charges against security depositsGet RentReady bids to owner's satisfactionFollow up with maintenance to make sure done on time and done rightStart the cycle all over againProvide accounting services for all of the above, including owner reports and payments, annual 1099's, etc.Don't forget to factor in payroll taxes, employee benefits, company office space cost, company insurance, equipment, phones, etc.Once you do all that, you'll quickly find that PMC's are NOT making more than owners.FYI - this is why investors should always factor in 10% PMC Fees, 10% Vacancy and 10% Maintenance when running numbers on a potential rental purchase.