Unless I missed something, OP did not give any indication of how much his ownership stake of the 8MM works out to, nor did he give any indication what is his monthly take (read: profit) from the portfolio's rents.  

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

For example, the cost of not doing a deal that you missed because you were stuffing envelopes or supervising the stuffer. 

Normally, this fee is added when it is a flat fee service, or the owner is difficult to work with on pricing.Working with contractors is a difficult task filled with frustrations and missing timelines.

It went through a full inspection and there were minor repairs ($1500) - in retrospect, the inspector missed some things. 

Not sure if I'm missing something.

I think they all missed the most important point.

But what am I missing? 

If you don’t know how foreclosure and pre-foreclosure work, you could be missing out on some potentially great bargains on investment property.

Stessa is great - it really is only missing maintenance request functionality - that's the reason I signed up for buildium.