While I have given tenants my number and speak with them directly about problems or issues during my inspections, I would go to great lengths to make sure that I do not undermine the PM's authority as it is critical to insuring my investment as I am so far away.  

Probably the most critical step where most people fail and one that people fail to invest the most effort (and budget).Step five: Study sales skills.

So its critical that you Vette the sponsor very carefully.I would postulate that something close to you in Vegas that gives you a decent rental return that you can watch over like a hawk will perform as well as something out of area that touts higher returns but your success or failure is 100% riding on PM...

@Jon Klaus Yes having a "team" around you that can deal with certain situations is critical in the business of Real Estate.

I think as an investor, while I want low bids, I also will question why the lower bidder is criticizing other bids. 

Any advice/constructive criticism is all greatly appreciated.

That role is a critical partner in your investment purchases.

We can switch PMs once we have a critical mass of students. 

the number of sellers is reaching critical mass here!

That wasn't really critical for us, but at the time we didn't have ton of down payment money, and I thought we would have a hard time getting financed.