The property management firms in my town run the gamut from a few large managers that do a decent job with Appfolio, communication, etc. 

Our offer of cash for keys always comes from a 3rd party; a lawyer or management company.  2nd our offer for cash is firm; non negotiable.  

Although I am a firm believer that institutional education is failing us, I want to preface this conversation with the facts that I do have my undergraduate in Business Administration and I am currently working on an MBA at UNC Chappel Hill. 

I feel that larger national firms can give you better service, surety of funds and a searchable reputation.The local front; they may move quicker and get more aggressive on lending terms since they are usually only playing in their backyard but it is at a premium.

You really need to dig in to get a firm grasp on your final solution.

if many firms cut even 5 percent of their workforces, I think we have a very different real estate market (less demand and MAYBE more supply)

BUT...if the development is not completely and fully and firmly set, make sure you do not end up like my uncle did.He was in a suburb north of LA. 

@Adam Kay I firmly agree with @Chris Mason here: you need someone who is experienced in investment property lending. 

As long as you go with a reputable firm there should be no surprises provided your rents aren't way under/over market rent and your expenses are in line with market.

It's okay to be neighborly, but when you become friends it's hard to be firm and then you'll get taken advantage of.