It is also hard to identify a bad PM if there are not being underwritten which creates a very large unknown risk for the carrier.

my last tenant ripped out all of the wiring from the attic, during the 60 days it took to get her out, I can't prove it, but I noticed you may have not served your tenant like I did, the company I hired served her, and any unknown occupant that resides with her at the same time, it was on her lease that no unknown occupants were allowed to stay, I find the nicer you are to some renters, the more spiteful they behave, and I know now how disgusted -----you begin to feel.

@Nathan Frosthata not a Jeff bezos company - he invested (unknown amount), but he has nothing to do with the company management.

That's the big unknown for me. 

From a contractor's standpoint, the pro is making sure you have everything, the con is spending the time to do so and the unknown specs from the material selected. 

Had a smokers in a nice rental trashed it with heavy smoking came to 2500$ in damages when moved out  .One thing most smokers will sneak smoke on rainy days ,cold days etc...Be prepared to have damage to what degree is a BIG unknown ?

It's part of the unknown of unknown in real estate.In these city not moving grass=jail which is ridiculous , on other and, stealing a bra for $850 in victoria secret in Oakland is not a crime LOL law on the same country can be extremely exhausting just for hundred a month lol

For example: If a buyer find's unknown issues and wants to negotiate the price down, you may go back to the seller and discuss it with them.

It's hard to do in many parts of the city, as Bill Brandt saidand the true long run costs of it are yet unknown. there is expense volatility going forward for sure.

Then refinance the property and pull some of your investment cash out or not… I just sold a 3 unit property in Pasadena, CA for $1.1 : will help the buyers renovate the 3 units for about $20k each ($60k total) and will help them build the 2 ADUs to make it “5 units” 1600 sq ft new construction : $350k all in and each will rent for about $2500 (2 bedrooms and 2 baths) That’s $5k rents for new : and $1800 x3 for the 3 units : $5,400 That’s $10,400 rents gross Mortgage for the $1.1 is : at 15% DOWN : $165k DP and mortgage payment : $5,500 Gross profit : $5k (let’s just assume a 50% net) : $2,500 profit New Value for home: about $1.5 to $1.8 ($400k/$700k increase) Refi for $1.3 (80% of $1.5 ARV) Mortgage: $7,200 Rents : $10,500 Still in the green and you get back your down payment plus 200k (so cash in the deal about $150k) A lot of unknowns in this one with the refinance value… but you get the point.