If you want to be a successful RE investor, you need to learn to take control of the due diligence process, and you cannot blindly trust that others will handle due diligence for you (hopefully they will, but ultimately, the buck stops with you). 

That is a team of sub-contractors that the GC has worked with for years and more or less 'controls' for lack of a better word.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

I have sold 3 houses FSBO [a long time ago] and always controlled the process by having MY contract, received from an atty. and modified and re-used twice.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

It could also be due to rent controls or other motivation for what owners charge for rent.

So now you bought the goose-egg, and of course found a bunce of GC's who are happy to help fully reno the place, because that's all you looked for, a GC happy to do full scale reno, ignoring all items of at what rate, what speed, what cost controls, what references etc..

Funds that blend these various product types will offer different returns in line with the perceived (or actual) risk associated with the underlying.Another major variable is the skill and track record of the management of the sponsoring entity that controls the asset.