I’m reminding you that the reason that you’re in this mess (as you said in the OP) is that you didn’t do your DD.

I see the OP has experience in PM.. but if its Vegas PM ( which Vegas has its rough spots) but nothing like dilapidated F areas in the mid west..

But I fear the only thing the OP and others will take away from it is "FIRE that WORTHLESS PM" (and I realize that is taken out of context and was not your intent). 

I'm in a similar boat as the OP.

The OP used the word "assignment" several times... but banks holding defaulted notes don't assign mortgages to individuals.

If you feel uncomfortable OP, just listen to your gut and don't go.

I've thought about OP's idea to get my license, and I've thought about working with my realtor to reduce commissions to help sweeten the deal (although haven't asked, just a means of "ramping up" and making the investor's numbers work) and so your opinion is helpful.My thinking is If I use the agent for low purchase and commit to using them again for a (hopefully) high sell...but I am buy-and-hold strictly at the moment, so my poor agent is only getting the low purchase. :( 

HOpefully there are some positive take away in this response for the OP. 

I also handle my own pest control, so it's a lot cheaper per door than the $360 the OP mentioned.

My personal challenge is finding a condo that is not a co-op because it will be hard to get a loan on it down the road.