But if you decided to do your own thing, then ask for help afterwords, they would refer you to an attorney that handles this type of problem in your area 

- How long the unit sits vacant for repairs/cleaning, and finding a tenant- City/town/state the unit is inPlease respond with your thoughts, hopefully with the bullet points above as points of reference and stated as such in your reply (I know, I am asking for a lot from you all :) ) But, for example, a Class D property in Milwaukee, WI probably requires less turnover time, lower quality materials, not as precise of a paint job, etc, than perhaps a Class A property in San Francisco, which would require higher quality materials, higher labor costs, longer vacancy since more precise craftsmanship would be required, etc.

You never know when you’ll need to refer back to these records, especially in case of a dispute.

Beyond the formal checklists: no evictions, 3-4x income to rent, prior landlord references, employment checks; I would also look at things like responsiveness to communication when we are setting showing, were they on time to showing, did they look me in the eye and shake my hand, did they show up to showing high?

Even though we do run credit and background, I refer to us as private money lenders rather than hard money lenders based primarily on the cost of capital.

@Zeeshan S.The funny thing is that the first two companies came recommended and I tried to vet them and talked to references too.

Simply do not renew, which I believe Nathen was referring to 

My guess is you and I agree that in the "mom and pop" space (1 to around 50 units) there are deals to be found regardless of timing.What @Deshen Tang is referring to in his comment here is my decision to sell 3,000 of my 4,000 apartment units 3 years ago, just months before the market for commercial multifamily collapsed and prices fell 30-40 percent. 

Perhaps you are referring to a seller carry back? 

The 100/150-hour rules you’ve seen are likely referring to material participation, which is necessary for short-term rentals (STRs) to be treated as non-passive income.