They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

Like I said I do this but for much bigger deals and for my existing clients that are then using me to fund their deals.. and I have total control of the transaction.. these folks are going to learn the hard way. what happens when the deal does not close and the seller wont sign the release ???? 

It's deceptive practice, plain n simple. 

Since you retain control of your money, how does one consistently maintain 30-50% cash on cash return? 

SFHs are largely exempt from many regulations such as rent control.

There’s not much I can do to control the Bay Area real estate market, and our property has gone down in value since we purchased it.

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

In the meantime, I would like to gain experience through employment with an existing real estate or property management company.Is there anyone out there that can provide me with some good advice/guidance as to the best and most practical route to achieve that goal?

He is knowledgeable but he has no control over the GP.

Just incredible bad business practices.