No one is going to sell you an asset that's performing for a discounted price in one of the most desirable places on the planet.

If a total renovation was recently performed with new roof, appliances, etc. it may be a better deal then another one that is in good condition, but hasn't had any recent updates.

Every municipality will be different and you'll want to talk to their licensing and inspection people...and probably take on the boring task of reading through some of the code.

So does this mean that other peoples return play zero role in your measurement of your performance?  

Plugging numbers into tax software is an easy task, but a credible advisor can save you literally thousands in taxes.

So for that reason this is where your sponsor due dillegence comes in play and what's has been their track record.Of course the normal warning that past performance is not indicative of future performance applies ;).In many of the platforms you will see repeat sponsors and some of it is just learning where I participated in a previous deal with the sponsor and trust them. 

I feel like the first task is going to be to just be able to speak the real estate language.

Perhaps there is a way to work on the behavior (supervise dogs when outside, etc) and task the tenant with some responsibility for this, to manage it in short.As is, I think your only suitable tenant is someone with (yes, I know) dogs, even larger dogs or someone also working on some behavior issues with a younger or adopted dog (who basically can't find a dog friendly unit).

@Mike Wood  10% is very simple in the performing note game... and other investment vehicles with probably a lot less risk as well.My main point to take devils advocate here is for others who read this and wonder how do I attract capital when I have none but I want to get in on the equity side.. and that is to always give the money the lions share until you have a stellar rep..I mean I still do this to this day... and that is why I am NEVER without more capital coming at me than I can deploy..

The PM is under-performing if they think there's not much they can do.