They gambled, and lost.

This is basic stuff you missed. 

Yes, @Chris Seveney, this is basically what their model is.

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

Her income now is SS of around $2400 and a basic 40hr office job that pays all of $17/hr, but she is retiring with this move.

So Agree Jeff many simply have no basic manners. and that can be from a texting society where brevity is all they know. 

Basically - I want a PM who keeps the property in good shape and occupied to get paid, and a PM who is either bad at maintaining properties and finding good tenants, or just really unlucky, to not get paid.- PM charges 8% of rent, which escalates to 10% if the property exceeds 95% occupancy with rent collection. - PM charges minimal fees.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

Well if you go together it could split it and get basically nothing - spend $2-3k file a lawsuit and get a judgment you are first in line… Also in many instances you can slap that judgment on his personal residence as well and foreclose on that.

I ended up basically painting the entire apartment as every single wall hand several nail holes.

Things like neighborhood trends, tenant demand, and financing options will shape your strategy more than a basic 1% rule analysis.2.