We manage over 55 properties in Hollywood.

A crappy property manager can blow a great investment in any market. 

If you are new, how are you going to handle management of either a flip or tenants in a C-/D neighborhood.

I have questions: was the padsplit net income worth the time management and effort?

Its more hassle and management on your end and the tenant's may feel aggrieved if for example 1 tenant is obviously using more of the utilities. 2.

Long story short, we have gone through 2 pms and I think I am ready to just self-manage. 

Son and daughter manage the properties.

If you need the interest only payment period to get a property stabilized, that is pretty typical in bridge loans for larger multifamily properties, but that is going into the property with the expectation you are going to be doing some substantial work to increase the cash flows accordingly, versus buying a property that has been relatively well taken care of and good property management in place.

In that case, I would lose my original option fee, money put into repairs, and any work/time I put into the property or managing tenants.

Get in touch with local real estate professionals like agents, property managers, and investors, and come up with a clear plan for managing your properties, handling maintenance tasks, and addressing any potential problems with tenants from a distance.