Look at PM like homeowner's insurance- it seems like you are wasting money until your house burns down, they you'll be happy you "wasted" money on those premiums for years. 

in fact, that gets new investors burned all the time.

Dont get dirty, dont get burned by OSS team members, dont get burned by tenants, use less money to finance your deals.  

There is absolutely no need to have this extraneous and superfluous layer in the form of "Good Egg" and other companies that simply collate funds, take a fat commission and then route the money to the actual GP/Syndicator.

If you get greedy and put #3 in front of #1 or #2 you can get burned like any other market. 

True off market deals take time and if you have time to burn then the driving for dollars and cold calling can find you a deal.

They've probably been burned before. 

Multifamily is incredibly complex and if you don't understand the metrics or calculations behind it, you're going to get burned. if you're just plugging numbers in until it "goes green", you are either going to miss out on deals or buy something you shouldn't. 

Even if buying a property Subto in GA and you live in FL, you could miss something and the whole deal does a "crash and burn".

I finished all the degree requirements only to discover I was extremely burned out and had to complete another year of electives to satisfy a minimum number of credits at that university.