If you are patient, you will find properties that work.But in the end, there is no right or wrong way to invest in real estate.

Quote from @Alan Hale: Is my modeling wrong?

Quote from @Tessa Tsui: You claim to have read those articles before, but you are using the wrong terminology and asking a question that is clearly answered by the resources Russell provided.

You’re definitely not wrong @Stuart Udis.

That can skew the numbers the wrong way.

It can be painful to be on the wrong side of their sentiment.As far as LTR...I like the prospects of Sherman/Denison. 

It could be a property on a double lot, a property that get's dismissed because it is full of clutter, a listing that has the square footage wrong etc - and a deal can be made (not found)

There's no right or wrong way to do this, just varying levels of risk and the only proper route is the one you understand. 

OP is asking the wrong question.

Since you admit you know very little, why don't you analyze what's gone wrong with this PMC and interview new ones to address your concerns?