There's a few reasons they probably have that in their contract:previously got burned from negligenceknow they are low quality and want to protect themselvesunreasonable professionalsI understand PM firms have to protect themselves but there also needs to be a level of accountability. 

@Jack B.At what level of cashflow did you hire a CPA?

As for my background in REI, it's still at the beginner level.

The home needs gutted (Done), complete electrical and plumbing and foundational (leveling floors)work.

I am not fully familiar with the different levels of membership in Eddie’s training, I do know there are several, and Diamond may be one of them.  

As such if you are the type of management company that knows your value and how your operations and marketing are what is really driving the revenue then you should be able to charge much higher "fees" because you add value to make the higher levels of revenue possible with your ongoing operations and service.

Commercial will also probably take a higher level of expertise and training. 

Although what I'm stepping into isn't regulated by NAR or anyone, it is my goal and outright intentions to be as truthful and as ethical as I can, not just on a business level but on a personal level.

I'd find a way to get to know him on a personal level, take him out to eat, and ask lots of questions.Also, why this 24 unit apartment complex?

You can get in with a low down payment, gain PM experience from the ground level, and leverage that experience to purchase more MFRs in lower priced markets (i.e.