bet dollars to donuts its leveraged to the eyeballs. 

(We discussed the "problem tenant" situation above, and I believe it was an anomaly and not necessarily due to poor tenant screening.)

Getting multiple contractors involved will be your best bet to get a reliable estimate, though you need to come up with a scope of work.

Discount brokerages are notorious for having longer DOM and poor listing quality.

If not, buying a turnkey, rent-ready property could be a better first bet.

I also read in real estate by the numbers that it's risky to bet on market appreciation.

His communication is poor but he continues to advertise for his several businesses.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

was it poor choice of notes.. or do you think it was straight up stealing money from their investors ?  

If you haven't read Rich Dad, Poor Dad, read it asap.