The PM fee is 10% of collected rents, but the PM charges no addit'l fee for lease-up of vacant units, which of course is appealing as it better aligns my interests with their interests.

Here's a brief description that I've put together describing this process.Construction Management as a Stepping Stone to CollaborationThe CM delivery method serves to better align the Contractor’s Goals with those of the Owner.1.Fixed Fee – no markups on change orders2.Transparency – Open book bidding and accounting allows Owner complete access to project cost records. 3.Flexibility - Allows for multiple scopes to be bid and analyzed by the CM and Owner prior to committing resulting in huge flexibility on the project scope.4.Collaboration – Owner can use the CM Agency as his “Right Hand Man” truly representing the Owner’s best interests.5.Non-Adversarial – Because the CM is contracted on a fixed fee, there is no arguing over change orders.

Account Closed  no argument there aligned interest are always good.. however partnerships are still partnerships and most people just prefer to be the only one's on title and control their own deals.I don't really see my guys and gals cherry picking and or in the price points your talking about in most mid west markets its just not big enough dollars to worry about it.Unless the consumer wants to get set up find the deals get them rehabbed etc etc.. there is a cost for this .. regardless even if they partner with you .. you still have cost and they are giving up equity for you to be their partner..

Or they become portfolio products that do not align with fannie/freddie guidelines.

It sounds like you two just need to have a conversation to align expectations.  

The exception to that is if you have an on the ground partner who is actually co-invested with you for aligned interests and can handle these investments.  

But those opportunities don't align with everyone's goals all the time.What is your risk tolerance?

Hi @Andrew Giancola ,I'm going to be relocating to the greater Tampa metro area and am always looking to network, strategize and be a better investor.If interested, feel free to send a colleague request and we can chat to see if some of our goals may be aligned.

You'll find many flippers and wholesalers as well as many folks just getting into investing with a mix of veterans.They all bring their unique value and I would say try them each out and stick with the ones that most closely align with your goals. 

That seems pretty small, but does seem to align with my experience over the last 15 years.