I wouldn't argue there aren't any okay condos that can return a profit but I've yet to find an option that works in my market.

I argued with the builder that he needed to install a dehumidifier and he insisted that humidistat fan would work.  

I would not argue it is a misalignment of interests, per se (that would imply all sponsors that use in-house management do not have the LPs interests in mind), but particularly on early deals where you have a limited relationship with the manager, it can pose an issue.

Not arguing with the analysis.

Try out some books on multifamily: The ABC's of real estate, David Lyndal's books, Joe Fairless's book on Syndication.

I highly recommend you read a couple books like How To Invest In Real Estate by Brandon and Josh or The ABCs of Real Estate Investing by Ken McElroy.

ABC Realty said they would list for a much higher price.

Books- ABCs of Real EstateJoe Fairless's Best Ever Syndication BookPodcasts- The Multifamily Wealth PodcastBiggerpocketsMultifamily TakeoffThe Real Estate Syndication ShowMichael Blank's PodcastBest Real Estate Investing Advice EverThis is one that my brother's and I recently started where we interview professionals in the multifamily space- The Real Estate Monopoly Podcast With The Donis Brothers. 

Not sure about the buying side of things, but I have mine in Rhinelander with ABC Rental Management out of Wausau, they do a great job for me. 

Can’t argue with you about Mesa, it’s not for me.