I can guarantee you that *I* will never, ever catch a mouse with my bare hands but did inherit a crazy cat-killer tenant once-- so many stories... you're going to be way more boring at parties when your in a LP ;)

@Jason Kudo yes, Joshua Tree Modern has some killer properties—extremely high end. 

. $5k in additional rehab and $5k less in what the appraisal comes back at can really be a deal killer when it comes to leaving to much cash into the deal. 

I do not think this was a major strategy killer, but the house sat empty during peak rental time (Summer before school started) and is still vacant at a price above Proforma.Some Observations: Closing costs came out to be much higher than the proforma estimateTaxes were spot onProperty Mgmt. fee spot onThe vacancy is listed at 4%, even though PM says I takes an average of 45 days to rent, so it’s a broad average I’m assuming after tenant leases or across all their properties.They advertise 2-year leases during the tour and most turnkeys are rented prior to closing, not the case for my property, still vacantOne inquiry has come in for a family whose house burned down, but they want 3-month lease smack in the middle of winter for another renewal, not optimalNeither the marketing department nor PM inside Reedy was very proactive as far as communication.

How about what my wife's sister saw when her husband died of colon cancer at age 40 - people howling with pain in the colon cancer ward because their relatives did not pay for the expensive pain killer drugs?  

Sounds like a killer deal.

Vacancy is the real killer.

Employee turnover is a bigger killer than tenant turnover.

I suspect that many investors over time have no clue..Others who are number crunchers probably have it down to the penny.Maintenance  and cost to do turn over is the killer to cash flow when I had our 300 plus SFR portfolio...

The killer in this is that the PM's own interests are directly opposed to mine since higher maintenance = more profit for him, less for me...So aside from moving to the location of my properties and taking on the PM myself (no intention of doing this), I'm at a loss for what to do.