Yes, there are many out there that do it and nothing bad has ever happened, and that's great, but I just would never do that. 

If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general.

They will do a slap dash job on a house that still has a bad roof and foundation in a neighborhood that will see zero appreciation. 

They won't be if it's a bad flip area.

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

If, any bad tenant could be evicted in a few days and held responsible for the damage they caused.

Unfortunately, we picked a bad time, because a game just finished, and people were streaming out of Wrigley Field.

Not to mention, they probably won't want to admit it if a building they manage is in really bad condition.If you're serious about buying you should first talk to fellow investors and define your buy box.

For anyone starting out in real estate, I hope my story gives you a sense of what to expect (the good and the bad!)

So, an area might have been D class 20 years ago and is C class today in terms of what the property condition, crime etc show you BUT if the tenants still stigmatize the area in their mind then mostly D class tenants will be applying there because they have less choices.