It's not about predicting the market so much as not taking on too much risk.

I predict a softening real estate market for at least the next 2 years in mid and Northern Wyoming. 

BTW, I know none of us can predict what future values will be, if the market is turning down, I will hold  as a rental. 

The problem for you now could STILL be the same as what it was for both Michael and you back in 2005 - your predictions took LONGER to come true than what you both thought!

While I agree that a PM cant be there all the time and they don't have a crystal ball to predict the future and a tenants behavior, they are getting paid to MANAGE your investment....not just get the rent check.

We want a predictable pipeline of projects, that we can acquire, build, rent, and sell/hold.

So I don't really see anyone at fault here.... the issue is not under the control of either partyBased on the civil code posted earlier its going to come down to how a judge is going to interpret "habitable"..... the landlord has provided everything within his/her power to have everything working and ready to go....the inability for the utility to come out and turn it on for 16 days is not within his/her control and it was impossible to predict that there was going to be such a huge delay (the time frame seems to be WAY out of the norm).....and living in LA without hot water and access to a working stove is going to suck, but in practical terms, the place is very habitable.

Those people know there are many sponsors and funds out there with proven track records who they can invest with and drive mostly predictable returns.  

There are big time posters on BP that have predicted a crash for a few years.  

That type of prediction doesn't make you a seer.