Does that also apply to additional mortgages as well???

Thanks everyone for your well thought out responses - let's me know I probably am not the only one faced with this.

Worked out very well.

Obviously didn't work well as it blew the panel and almost started a fire.  6.

And as a member to an organization that manages well over 10K doors I can say from 1st hand knowledge it would take a LOT of people. 

The op should have known the law. 

Either way works pretty well.

My question is would i be able to be an owner as well if I did not put any money down.

Well, I'll repost here what I originally did in response to the email from Vrbo that some people got saying Vrbo was giving a promotional discount to prospective guests, and hosts could opt out if they wished. 

I also don't want any big repercussions from firing him either so I want to tread carefully.I'll definitely transfer to new management, I'm just not sure if I should have contractors finish the rehab separately and then transfer that into the management company as well.