I was just a guest at an Airbnb that was not 5-star, so I provided very detailed feedback privately and a heads up that I would not be giving 5 stars.

If we bite off people’s heads when they admit disaster, it suppresses legitimate issues with these techniques.Just for context there is a lot of history with the OP and some of us on here going back years (like the thread I linked to above from about a year ago and several others if you use the search function with his name) with him minimizing the risks of how he was structuring these transactions and some of us being cautionary, warning him that exactly what happened here could happen, which made him defensive and dismissive. 

- Why would you expect a well-run, profitable PMC to work for free handling maintenance? 

I can tell from your questions that you are in a bit over your head and before you make an incorrect decision you should STRONGLY consider a consultation with someone.

That will change as the hope for lower rates diminishes, lenders get more assertive on maturities, and sponsors run out of time and money. 

Given that the build time has greatly been extended, my numbers when initially run are going to be much different moving forward.

As I am new to this and looking for cashflow using rentals, one key aspect of this investment is to ensure that the unit rents out quickly and while I do understand that cash flow to begin with might not be attractive, it can be a good investment in the long run if the location is right(as appreciation also kicks in).

I also run a mastermind on residential assisted living.

Sara,I see this a lot and I always ask if you know you are going to refinance in the long run to consolidate the Heloc why not just do a Cash out refinance instead. 

You can't run a credit/criminal without the social.