The market is churning here and small multi-family is no exception!

"Churning" your note inventory, buying and then shortly thereafter selling, you'll be in the brokerage business.

Next big growth areas for us is Property managers: Property manager's biggest reason for churn are homeowners that sell.

There are some that will bait you in and try to churn every dime out of you without providing the level of service you require.

I've churned through a lot of bad ones to find the great ones.

Burn and churn the SFH and when the 2 - 4 units inventory pops up you BRRRRR those. 

They churn through employees as well. 

ITs not to churn a fee..Most Turn key companies start in PM out of necessity and until you get to about 1000 units or more there is little to no money in it.. simply a job.. with razor thin margins.. but if you can bust that 1000 door mark and get to 2 to 3 k you now can be the target of a big PM company that might pay you a 1000 a door to buy your book. since you did all the heavy lifting to get that PM company to that level..

I would credit churn on this for sure.

While a quick sanding and refinishing is ok if you have a few units, multiply 1 hour at $30 to $60 for your maintenance crew by 20 to 30 units churning each year and you added a significant annual maintenance cost that could very easily be avoided.