My wife's family lives there so after we move out and starting renting the house her father would be and excellent hand in helping with the property.

A broker from Marcus & Millichap told me that this exact strategy can provide excellent Return on Investment if done right.

You also bring up an excellent point that discipline has more power than motivation. 

Or, would the previous PM contact my new PM and attempt to ruin the relationship?  

Hi, I currently have a relationship with a property management company that has implemented a new accounting practice, that basically puts previous tenants accounts recievables to the property management company directly on the books of the property owners in the form of an expense.

So also over this time they probably have some great relationships with banks or other investors, and if built up a great track record of no defaults on loans.Or if they had defaults they would have been in the first five or ten deals before they got going.

I would like to start developing relationships in the area.

I have good relationships with a couple local banks. 

These numbers seem to be excellent and want to get some feedback and see if I'm missing anything.

No client-attorney relationship is or should be construed from this discussion alone.