However, I would like to gain some practical experience in the world of Notes as well.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

What is the value add to the builder for his time, management, experience, subs, etc.?  

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

However, I would like to gain some practical experience in the world of Notes as well.  

There are a lot of things to consider, I'm unsure if this is normal for this time of year - other experiences and insight from local investors would be greatly appreciated.  

Ask how many units they manage and how much experience they have.

Even if the deal doesn't go through, sharing your experience and tactic will be valuable information for myself and the entire BP community. 

You’re financially protected more with more units/doors.Of course more income.Cons of larger multi family are barriers of entry costs to acquire, operate, and experience.

I would stay away from long term contracts and pay by the month to start if you are using a service and then after you have real world experience with it, you can sign on for a year for the discount.