And the larger firm had an approach to filling vacancies that I wasn't sure would work well (they require credit checks before showing prospective tenants ANY property) but it turned out OK.

I approached a seller about using a lease option to purchase his house.

Tenants have brought up that they don't like there number on the lease document along side of 3 other tenants.

My two cents are as follows...we were tasked by Progress Residential to source and acquire homes for their portfolio in Atlanta but initially they did not want us to manage their homes for the reason mentioned...potential conflict of interest...after about 6 months using other managers with poor results, they came to us and asked us to manage given the fact that they were so pleased with the way we professionally approached the acquisition process. 

@Kevin Keith BeckI agree that many investors have an unhealthy approach to dealing with GC's.

There were some other good points brought up here as why he may not want or be able to enter into a fiduciary relationship however his answer would make me scratch my head and based off what you know now ask him more about those things people here have brought up. 

Family member found the deal and brought it to my attention.

The last deal I did was a 22 unit building...I brought the deal, ran the renovation, and organized the lease agreement.

Cap rate (i.e. income approach valuation) is irrelevant in valuing this class of properties.

There have been numerous people on BP talking about how they paid application fees but they could never get their loans closed on any deal brought to the company.