Especially if you end up charging the wrong rent, using a lease with invalid/illegal clauses, violating a law/statute, lose more to vacancy while you learn than you’d pay for the PM. 

Too low an ARV and you lose money.

You can keep it as a 3 and live in it however you want, but do not structurally alter a 3 into a 2 unless you want to lose future value and hamstring the property and pay to make the property less desirable.

Worst comes to worst and you'll lose one asset as opposed to all of them.

they also lose money on the deal, too. 

All this while paying interest to lose out on appreciation, rent and inflation. 

@Lisa Caracciolo looks like a money losing proposition.

Purchase price: $85,000 Cash invested: $90,000 Contributors: Steve Moorhead We bought this after losing the offer on it the first time.

Spending too much time trying to catch a catfish with a bass bait is a losing endeavor!

Also I don’t want to lose these 12 units from my portfolio but I don’t have the funds to buy out my other partners.