I wasn't aware of the law requiring a contract with an agent.

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

Would you be better off selling and purchasing a less expensive property that would require less carry should it become vacant for some period of time?

., as Chris noted, the required documentation will be outlined in the LP Agreement you signed.

I am based in Virginia and licensing requirements here seem manageable.

Has anyone dealt with a similar situation and still was able to pass the housing code enforcement inspection (1 / 2 required inspections)?

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

I have the funds to buy another primary residence in this area but not enough for an investment property that would require 20-25%.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

Conventional lending requires tax returns, good FICO and reasonable DTI.