Such environmental due diligence is typically performed by retaining environmental professionals to conduct a “Phase 1 environmental site assessment,” and if necessary, a “Phase 2” and “Phase 3” site assessment.

It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions. 

Growing up in a household with 6 siblings and parents working hard to survive living in California I became very observant of what others were doing to make money.

Thanks for jumping into this @Jay Hinrichs- My CPA assures me that by retaining title (not transferring it to the partnership) I can enjoy cap gains on the land profits portion.- All the costs you list are in the $2M. 

But am wondering if there is already a quality reservoir of information out there that folks are familiar with.Hi Arjun, I am from Colombia, and I have invested in real state over there, however I have lived the last 6 years in Spain, I exactly arrived when the economic recession started :/ However, living in the South of Spain (La costa del Sol , Andalusia) and observing how the prices have tragically decreased through the years I have finally decided to get into the business here,..

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

I'm not buying at the moment but some of your observations are somewhat consistent with the general process we observed.

Is this out of personal experience or is this just based on observation of the marketplace?

Whenever someone has a situation requiring specialized real estate expertise and I recommend they retain a professional with the CRE designation as a consultant, they inevitably ignore my advice and instead hope to obtain “free” consultation.  

You will NOT be able to absorb the builder's commission that they offer to an agent, they just retain that.