Is this simply something that exists in case of wrong doing in which after the fact, say fraud occurs, a case can be made that person a or b was not sufficiently competent in the matter before investing?

You should listen to David Greene on Where Rookies Go Wrong When Looking for an agent.

How would you like to be in business with other people, purchase a light bulb for the property in your partnership and then have to go through hell because your partners are angry because they could have purchased the light bulb for $1 less than what you paid.You would think that 3 brains are better than one, but the problem I usually see is one person in the group usually controls the entire group with a loud mouth, strong convictions and regardless of what he tell the group in relation to being right or wrong.

But if I’m totally wrong and you really are stuck, let me know and in 10 minutes I can tell you exactly what to do to get started and I don’t sell anything.

Nothing wrong with having the cash now to add more cash flowing properties to you protfolio! 

On the day of the install, my property manager serves her another demand for rent and notice to evict (she wrote the wrong amount so she had to redo it again) and the tenant threatened me that she talked to lawyers and will "counter sue me" with the health inspector.

Anyone and everyone tied to that air b&b will be sued when something goes wrong. 

Am i seeing this wrong. and what do u think of the deal please. thanks guys

I wanted to see what i was doing wrong but the program preaches a system of being the middleman in charge of bringing acq and dispo wholesalers together without necessarily doing the legwork.

There really isn't a right or wrong here, it just depends on your goals, how much time you want to spend managing the units.