Don't you think the lender is playing with free-wheel assets (for lack of better word), lets say borrower use 80%LTV and cap rate went down 20% so now it's 100-110%LTV. 

A far larger hole was my lack of network.

The part that seems to continuously get people (unfortunately, and for lack of better words) is the "no evictions, no bankruptcy, and no more than 6 non-medical collections." 

He apologized for the lack of communication.

I can not comprehend how someone of such total inability and lack of knowledge is a real estate broker, or presenting themself as an agent in any capacity.

Let’s separate the very DIFFERENT things we are talking about here….I think they are being “lumped together” resulting in a lack of clarity 1.

I'm in disbelief about the lack of knowledge - I'm not an agent. 

I think the worst are the ones that will say they can do something for you or bring something to you then do nothing at all/fail to follow up or stay in touch (lack systems, organizational skills, and actual work to produce).

My question is do I have any legal course of action against the property management company and would it be worth my time and money to go after them for "lack of them doing their job"?

They're also expecting an official offer on the second property soon.If everything goes smoothly I'm obviously glad that my money isn't gone, but I don't think that excuses the lack of communication and inability to respond to LPs.