I use excel and consolidate all income and expenses for each property (I add my mortgage payments and other landlord expenses) and make sure that my cash accounts reconcile for all my holdings (if there is a problem I call the manager and we try and figure things out).I use this excel for two things: Tracking my properties performance - mainly cash flow, cash balance, NOI and just to make sure the PM is on top of everything.I use this to input the data into QuickBooks (I do this manually). 

This is a non-performing, unsecured note. 

This is a non-performing, unsecured note.

Never have the seller perform the repairs in escrow.

Also, a good PM is very aligned with your goals as their ability to operate profitably is very tied the the performance of the properties.

No real construction ability.Partner two is cash poor, fantastic W2 and has contracting ability to perform flip with desire to buy and hold.Am I all messed up here or could it work out like this:Partner one finances down payment and both get leverage.

That said, I still analyze and make sure each of my deals (...in Fort Wayne) work using the 50% rule even though I know they'll perform better than this.Always better to be pleasantly surprised than sorely disappointed.

I may do more depending on speed of the work performed.

A broker/agent should define how they optimally want to run their business and build a structure and focus around that.

I would immediately instruct your PM to tell him that he is not authorised to perform any work on your property and that in the future he submit a written request if he has a desire to do work.