The very fact that they are engaging in the business model of illegal brokerage is all you need to know.

We both have busy W2's and don't have the time right now to do more (which I'd love to do at some point).

They take good care of the properties, but there's not enough attention given to pricing strategy and they spend money like nobody's business (not a problem when they were spending their own money on the master lease model, but a BIG problem when they were suddenly spending OUR money as the PM).

Life and business are complicated.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

I highly suggest you use our marketplaces to find trusted, investor-friendly team members: Tax Pro finder: https://www.biggerpockets.com/business/finder/tax-and-financ...Lender finder: https://www.biggerpockets.com/business/finder/lendersProperty manager finder (if you go that route and don't self manage): https://www.biggerpockets.com/business/finder/property-manag...

To clarify, I have been studying real estate for several years, but have been otherwise engaged in operating  other businesses that my wife and I both own, both as CFO and CEO roles.

If you have your own business/self-employed you might qualify for a Solo 401(k) or multi-participant 401k whereby you can self-direct into real estate with those funds. 

You don't always have to incentivize a tenant with a discount to get the tenant to stay, nor keep rents stagnant, but it is good to be aware of the business impact with respect to cost too.

To survive, you have to know that is a business however, not a job.