Now to provide extra comfort and convenience to our buyers (who are mostly out of state) we agree to help them out by getting them set up with local property management that we work with closely as well as assisting management market the property for rent to place tenants.

Like maybe I could pull enough out from heloc on primary residence to pay off debt and then rent out my primary and use the extra cash to payoff heloc and then do another heloc once the original one is paid off.

Finally, of the extra $200k, how much are you putting into operating reserves? 

(I’m ignoring any extra cap-x because you said it was a condo, but you’d also add any major cap-x to cost basis).

I will begin the process of suing him, hoping to add extra pressure.

//End extra detailsI say all that to illustrate how much he seems to thrive on conflict. 

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

The property will be cash flowing as soon as the remodel is over and has space for one large extra unit on the lot or two small units on the lot.

Is the ROI worth the extra cost?  

I was strongly considering joining before I read this, now I am going to go the hard route, but probably best to just stay active on here and go the extra effort to network with accomplished developers in my area.