I have worked with a turnkey company to purchase a couple of SFH so feel free to reach out and I can share my experience. 

So, this is my first year having a small management company where I manage rental properties for a few owners and had a few questions.

The assets are always managed by a particular management company - but what happens if the operating/management company folds for whatever reason? 

Even if you were an employee of the company a savvy SEC attorney will tell you that you need to be paid a salary and not commission based.The promote point has been addressed so I will not add to that.

The appraisal for this property came to be 135K (sub-to) based on the scope of work  given to the lending company .

A 401k is typically offered by a company, i.e. your employer. 

As a side note, I know there can be some issues with a landlord "acting as a utility company".

When I was living in the house for over 10 years, I had multiple contractors to bid on Windows, kitchen counter tops, bathroom remodels....and the quotes were all so outrageously high from every company, we ended up doing a lot of work ourselves. 

We are a smaller local PM company so if there is anything I can help with, drop me a pm or call. 

We use Fresno Management Company.