The PM is under-performing if they think there's not much they can do.

With low inventory and high prices considering the condition of homes to be subpar, I wonder if winning a bid from auction.com would be a better route, giving us the flexibility of rehabbing the home to our style while still gaining equity from the finished remodel would be best or waiting to see how the market performs in the next year.

My lender performed a title search and found that there was a second mortgage on the property.

Have a property inspection inside and outside performed and documented and start eviction immediately according to the steps outlined in the VA state statues.

Crowdfunding makes real estate easily accessible, however, in regard to institutional real estate investments, the advice of an expert who works in the industry every day, knows all the players and their track records, and performs due diligence on each offering is a great benefit to you and comes to you at no cost.

However, I did not orginally account for listing fees so this has also been added to the "repairs" column for upfront cost.Your 4 column questions whether I can perform at the same level of a realtor/ brokerage company in realtion to acquiring, screening and placing tenants.  

Brian H.I self manage, but I run two different analysis.1. with 5% to know it can operate with me getting some funding now.2. with 10% to know it can operate with a PM.My thought is that its better to perform the analysis with the low end of income and high end of expense.

I know of some people that would lend money, if I had proof that I could perform. 

Do they perform property inspections?

Yes you are right that if the borrower defaults your exit strategy would be foreclosure unless you want to sell your non performing note for pennies on the dollar.