Generally, a survey is not required for legal descriptions using a plat and lot and block title for the description, these are in neighborhoods, such as Lot Seven Block Eight of Riverside Subdivision, Orange County, ..... if you have a meets and bonds description (100'  East, 40" South, 120' Westerly.... you may need a survey.Title insurance does not cover "area or content other than that shown by a proper survey" and lenders will want that coverage if it is not platted by lot and block.Another issue, encroachments might be suspected, but can only be shown by a proper survey and title insurance will not cover such matters not shown and rarely if shown, depends on the encroachment. 

I have heard and met people who are doing so, but I have yet to test this myself and so let’s talk when I do.All this is to say that essentially, you have to tune out all the “LA is too expensive” baying and gnashing of teeth.

Roughly:Purchase price $70kRehab: Estimated $35k, Actual $50kRent: Estimated $1320/mo, Actual $1400 (was able to raise the rent to $1500 within a year)After Rehab Value: Estimated $120k, Actual appraisal $150kEstimated Cash on Cash 10.3%; Actual = ~infinite (because the loan was for as much as I had into the property)During my analysis, I was evaluating the estimated CoC in relation to other investments (bonds, stocks, stock options).  10% is an okay number but not really better than the stock market.  

Sounds to me like your PM doesn't intend to do anything about it UNTIL the Tenants' advanced Bond is all used up!

Like buying a bond where you just collect a check every so often.

I thought of gold, stock market, mutual funds, savings bonds, savings account, and lastly real estate.Guess what I picked?

Not worth it IMHO there are better deals and dealing with the IRS is like pulling your own teeth so I would find another deal.

MOST IMPORTANTLY, take a reputable, liscensed bonded and insured contractor with you to get a bid on the fix up.

Are these contractor's license bonded and insurance?

Check their license (most states have Contractor Licensing Boards where you can check the status of a license, see if they are current, any complaints, and whether their bond is current) If you go look at my license it shows when it expires, who holds my bond, if I have workmans comp (I don't, we sub everything out), etc. 2.