So I wouldn't make a selling decision lightly (or a rental decision) and I am really loathe to give up a good property with a rate that may never be had again.

I think you are letting your feelings get in the way of making bad business decisions.

You have to prove you did everything right and then because of “empathy” for the poor snook who “fell into you schemes” you may lose anyway.This is a legally binding transaction that will be treated that way by the law.

The wealthy live where they want, the middle class live where they can afford, the poor live in whatever's left over.

This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.

@Griffin Brenseke The decision to sell vs hold a property is full of those little decisions you describe that make such a difference in cash flow.

Class C: These apartments are typically over 30 years old and are in fair to poor condition.

Cold calling is already such a poor-performing strategy. the ONE thing good about cold calling is that you are talking to a HUMAN, building rapport, and asking and answering questions.Now that ONE good thing about it is taken away...Like David above me, no experience, and it would indeed be interesting to see how it does, but that doesn't take away from what I mentioned above.

Another "perfect storm of uncontrollable events".With both failed deals they are pointing blame on poor performance from the companies they hired to manage the property and to do the renovations, which raises a few questions:1) how can/should LPs perform due diligence on these to be hired companies?

To avoid going through the same poor experience, keep reading.Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.We also can’t believe how many owners hire the first PMC they speak with!