But if he's doing it without the owner's knowledge and/or skimming rents and telling them the houses are still vacant, then he's taking a terrible risk of losing his license and facing criminal charges.6 of one, half dozen of the other. 

First post to BP and so far everyone has such good insight - I thought I would share my wild experience in Las Vegas.Be weary, there are a lot of slumlords who have milked properties dry, and now want top dollar (these are the 4plexs you see on market for more than 3-4 weeks) The PMs here let these buildings run to **** because a lot of time the owners are out of state/country.

I been tempted many times to leave but for now I am hanging on tight and milk it as much i can.  

Is it greedy when the grocery store charges you market rate for hamburger and milk?

As a finance major, I only skimmed the surface of Real Estate, but want to continue to gain more exposure.

It's like going to a farming site and telling everyone that you are going to buy a piece of land at a good price to go into the ostrich milking business.

Almost positive the property manager (who it has became clear to us is just a local handyman overseeing the properties and not actually a property manager) is trying to sabotage the deal so he can keep milking the property owner.

The ceiling needs to be skim-coated.

Best it can do is skim the surface and give you an idea of how things work.If you really want to learn how to buy apartments, I'd recommend this group that took me from zero to 2000 apartment units:  https://lifestylesunlimited.com/

Florida has strict equity skimming laws.