interesting.they were hired to to replace the roof and boards, but were to notify me if any joists were damaged.they told me joists were all fine, however I was notified by someone on the downlow that wasn't the case as one of the joists was broken and they decided to just cover it up.  

Although I would not expect you to pay for compaction testing/verification, I would make it a point to monitor the backfilling operations and direct the excavator to recompact the soils in to 6 to 8 inch lifts coming back up.

However they expect the person they lend money to to be educated, efficient and have a plan.

I believe the actual W-9 is more important for verification when you Don't need to 1099 them, as in corporations, etc. but it's better CYA to get the form or everyone of course.

Your due diligence should include the transaction where the note was originated, the property value and condition, title search with lender's coverage, past loan servicing records and verifications with the borrower, loan compliance, insurance review, taxes current, escrow account audited, basic borrower qualification issues and credit, payment history and keeping with loan covenants, note valuation, purchase agreement including proper indemnification for errors and ommissions, note endorsement properly made and filed, notices given to borrower, change of trustee appointment, servicing file set up and escrows deposited.

Credit/court document review, rent collection and how do you get the rentProperty inspections (quarterly-every 3-4 months)Pets policy and verification of incomeJust to name a few of the other concerns/question I would have prior to hiring/contracting any PM

To to Trulia and click on the sold comps for the town the property is in.

That will cost around $200 for each verification; but will keep the contractor honest.

Again, if the seller is confident in the value and quality of his properties, then holding them as security is verification of that.As to having to pay higher rates, that will depend on your negotiating skills.

. *********** I believe with what my current mortgage is I should be able to to get another mortgage or HELOC to purchase and pay for repairs on another property.