So far no deals I have found are even close to creating reasonable if any cash flow with 20% down.

.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

If so what were the circumstances and what was the reasoning?

My answer won't be, and for two reasons.

The owners who switch to a PM come to me for the same reasons Drew said above.It is not rocket science, most folks hit a point where they no longer want to trade their time for money. 

The second company had a PM contract and due to other reasons we did not continue their services after a couple of months so tax stuff did not arise.

(If you are out of state, you may seriously consider using a good property manager because of screening tenants, vandalism, squatting, and various other reasons -- they do protect your investment).

I would say a 10% CoC and 15-20% ROI are reasonable returns.

In the case of the stolen furniture I would also ask how did the police offer develop the competence to read a lease and decide that was a reason to not pursue the case? 

They didn’t give me a reason why my loan didn’t close.