I would be interested to hear more about the process of unearthing deals or possible deals for individuals who are cutting their teeth in REI.  

To me it just seems cleaner, easier and safer.If you're unsure of his ability a performance bond is available to guarantee the work gets done.

Roughly:Purchase price $70kRehab: Estimated $35k, Actual $50kRent: Estimated $1320/mo, Actual $1400 (was able to raise the rent to $1500 within a year)After Rehab Value: Estimated $120k, Actual appraisal $150kEstimated Cash on Cash 10.3%; Actual = ~infinite (because the loan was for as much as I had into the property)During my analysis, I was evaluating the estimated CoC in relation to other investments (bonds, stocks, stock options).  10% is an okay number but not really better than the stock market.  

Sounds to me like your PM doesn't intend to do anything about it UNTIL the Tenants' advanced Bond is all used up!

In some courts you can get an emergency Order to get them removed, but you usually have to post bond and show an emergency.

Just my opinion, but 20% for a no risk or money investment is extremely generous.By way of comparison, risk free investments like bonds and CD's have extremely low interest rates precisely because they are free of risk.

Are these contractor's license bonded and insurance?

I have no illusions it is a grand slam, but I think it is something I can cut my teeth on and I am excited to move forward.

I am afraid of partnerships because usually one partner can bind the others.There are many options, buyouts, file bankruptcy reorganization, get court injunctions or court appointed receivers, post a superseadas bond to get an injunction.

I like having a "middle man" because I am too nice :) I feel sorry for people when their dog dies or they get all of their teeth knocked out in a car wreck (true story) and can't pay on time.Also, on a more serious note, my property manager has processes in place to handle tenant screening, rent collection, maintenance calls, late payments, walk-thrus, etc.