Specifically, under a properly structured Trust the following limitations will apply during the period that the property is held by the Trust: (i) the Trust cannot raise new capital; (ii) other than in the case of a tenant bankruptcy or insolvency, the Trust cannot renegotiate or modify an existing loan nor can the Trust refinance or enter into a new loan during the period that the property is held by the Trust; (iii) the Trust cannot renegotiate or modify its existing leases or enter into new leases other than in the case of a tenant bankruptcy or insolvency (in the case of a Trust that adopted a master lease structure, this limitation applies to the master lease and not the underlying third-party leases); (iv) the Trust cannot reinvest the proceeds from the sale of the property; (v) the Trust cannot modify or improve the property other than undertaking normal maintenance or minor non-structural repairs; (vi) the Trust cannot hold its reserves other than in cash or short-term obligations; and (viii) the Trust must distribute all of its cash, other than cash held for normal reserves, on a current basis.

Try calling the PM from a different phone number and also try the number on rental listings (if it is different from their main number).

Keep in mind travel time, repairs, and lifestyle to manage the out of state rental.

The study could also identify the opportunity to capture additional benefits such as dispositions, and repair and maintenance expenditures.

With my own portfolio I generally underwrite with 10% for repairs, 10% for cap ex, 5 percent for vacancy. 

My experience with friends/some clients is get their numbers via whatever method you can and reach out via the phone.

Take the time to break down what needs to be repaired and what upgrades you will be doing.

Self-managed but outsourcing repairs and maintenance 8%, self-managed DIY repairs and maintenance 10%.

I looked into the maintenance option years back to discover a trend of:  apx. 8% monthly fee which only included rent collection (everything else from maintenance to turnovers etc, extra, and poor reputation on repairs.)

If you are going into MF make sure you have a lot of cash sitting on the sidelines for maintenance and repairs.