You can lose a lot very quickly.I would guess that any fund that is committed for the long haul is smart enough to monitor and adjust their strategy as they go.

Have the infrastructure inspected.

Add seven years for history's sake, and one might erroneously assume we are coming out of the "down cycle. " Then, lets add for a few additional culprits: easy money (our old pal), over development (another old pal), consumer confidence, global markets, technology, emerging markets, government regulation, consumer paradigm shifts, unemployment, aging infrastructures, and political paralysis, to name a few; and we can easily argue for 8, 9, 10 years of down cycle.

If they don't have a maint crew (smaller PMs) and exclusively use contractors, the PM will often charge a 15-20% grossup on the contractor bill for handling it (getting bids, scheduling, monitoring).

Banks can and will refuse to renew performing loans if the bank has no appetite for that loan type when your renewal date comes up, or if the bank is under financial stress and is attempting to shore up its capital.And if you use leverage, I’m an advocate of closely monitoring the debt coverage ratio across your portfolio.

Keep getting bids and trying various contractors out..I like using plumbing contractor/electrical/carpenter/roof..that way your projects not tied to one person holding all the cards...I monitor my rehab closely.

The area around Brown University would be an exception to that, but unfortunately it wasn't worth maintaining an infrastructure to support an occasional deal.

Although if you wanted to sub-meter and then charge or monitor the usage you can do that but I don't see the benefit in that.

Additionally, you will have to strictly monitor the rehab budget as he comes across as the type who will overspend without any real thoughts of the consequences.50/50 may work here with you having the final say so over the decision making since it's your money and thus your risk.

This is a one factory type town but it is adjacent to a very fast growing city with business and infrastructure coming in.