If it's a layered LLC, most lenders will need to trace a warm body on the operating agreement which will involve a bit more paperwork trail.

A good builder will have some solid plans to choose from that your property management company can review and maybe tweak.   

I recommend looking into passive pockets and the syndication forums https://www.biggerpockets.com/forums/960 for reviews on syndications.

Income Statement shows a company's income and expenditures over a period of time.Balance Sheet is like the Head/Brain of the company and Income Statement is like the Body. 

Let's say you accidentally use bleach on your nice white sheets and all the body oils get bonded to the fabric and are yellowing.

Review your contract and see if there is a simple way to terminate your relationship.

They cannot arbitrarily make wild gambles because they feel like it - they have to operate within established risk parameters that are approved by several regulatory bodies and internal controls.

One would need to be a serious sucker to value some Airbnb 5 star reviews and some sheds in the backyard at $200k+.Not necessarily. 

**************************After requesting a review and reversal of this twice, they landed us with a final blow of shutting our account down.

I wouldn't worry too much about it, if you have a competent CPA or bookkeeper they should be able to review your books and within minutes have a strong grasp on who gets a 1099 (spoiler alert, not every contractor gets one, I'll be annoyed if I get one since I'm structured as an S corporation) and the amounts to report.1099 filings are usually a loss leader for us, so if you're working with a professional make sure you take advantage of them filing everything for you.