If you are looking to invest in private placements on the passive side you would find a successful sponsor, and many times that translates into a successful operator/contractor/developer/broker of some sort.  

It could be good, but I'd project out the expenses more precisely.

@Jason DiClemente suggested PM's want the tenants to not renew, so they can charge another "placement fee". 

Just be clear you have the right to kick them out over owing you to fix a toilet - when you have a security deposit that is there precisely for this kind of thing. 

Sure, cut the security deposit check - AFTER deducting any rent owed.The reason most landlord can't afford to forgive rent payments is precisely because they are not the size of a bank.And I disagree that this is a "relationship" business.  

Even if the tenant doesn't move in, he or she will probably be willing to put a non-refundable deposit down to hold it until next month @$900.To the point about your pm, next time consider hiring someone that specializes in tenant placement only. 

I have worked tirelessly for several years, continuing the work of Josh Dorkin, to help our community prepare for both long-term wealth creation and precisely for a recession, which always looms on the horizon. 

Also, what are the costs of evictions, turnover, screening, and placement?

This process also allows you to patch holes if you also want to change the size/placement for pulls and knobs. 

Keep them where they are not only because of the above, but because of decorating options and furniture placement.