Additional Fees. 

They’ve been solid investments, with rising rents and property appreciation, but over the last 2 years, skyrocketing HOA fees and stagnant value growth have reduced cash flow.

I have not done enough comparisons to know which is more accurate (need subscription for Rentometer and Rentcast to get full access which I do not have). 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Below are some actionable steps I plan to take after identifying a market:- find a rock star agent by referral and/or calling brokerages and asking to connect with their top producing agents- find a rock star contractor by referral and/or yelp- have control over construction by setting per diems to incentivize contractor to finish the project on time, within budget, and with good quality- leverage my rock star agent's time to check up on the construction process (checks and balances)- hire independent handymen/inspectors to check up on the construction process for a flat fee (checks and balances) There's competition everywhere, you won't escape that in any market. 

I do like the idea of a check and when she pays closing costs ($515) for the title company and I'll pay attorney fees I'll have her write a check and get a copy of it. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

A condo is cheaper, but what about the HOA fees?

It's also not fool proof, but is a good start to get a feeing for different areas 

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.