In fact, the system the guy was telling me they used was brilliant, spit out amazing returns, and they never had to take ownership of the property and deal with tenants toilets or termites.  

Here is what I found: According to state laws (Civil Code § 1941.1 and § 1941.3), at minimum every rental must have:-effective waterproofing and weather protection of roof and exterior walls, including unbroken windows and doors-functioning plumbing, heating, and electrical facilities, including hot and cold running water and a working toilet and kitchen sink-clean and sanitary building and grounds (that is, free of debris, filth, rubbish, garbage, rodents, and vermin), with adequate trash receptacles-well-maintained floors, stairways, and railings-deadbolt locks on certain doors and windows-no lead paint hazards, and-no nuisances, a catchall provision referring to something that is dangerous to human life, detrimental to health, or morally offensive and obnoxious, such as allowing drug dealing on the premises.If I were you I would take LOTS of pictures and document everything.

Those are 20x returns.10x would be swapping carpet for laminate, sheet vinyl/linoleum for LVP, upgrading faucets and toilets.

What you need is a really run down and crappy market with its economy in the toilet and people losing their jobs and moving out.

The first 4 or so months I got piddly squat (1 to 2 leads).  

A bathroom remodel is driven by new tub/toilet/vanity, flooring is actually not a big driver. 

As long as you're not doing the work yourself, there's really no difference between remediating mold and installing a toilet...

Should the PM company also chip in for fixing toilets that go bad or painting the place?  

What is the difference between squatting and Trespassing???

What is the difference between breaking & entering, and squatting?