While the philanthropic aspect of “reasonable housing” is laudable, at the end of the day (if you want to be successful - especially starting out) you need your properties to perform well.  

Can't wait to hear about the performance you pull on this one in the future! 

At least though these guys are required to perform some duties even if they're of exceedingly little value. at least they make the paperwork easy when you're counting up how much money they've lost you.the only people out there who could actually be trusted are home inspectors and appraisers.

For example, what happens if one side does not perform at _ point?

These type of lenders are more concerned with the performance of the deal and the experience of the investor rather than your personal financial picture. 

The penalties for not filing are as follows (for 2018)$50 per form if you are late filing, but file within 30 days of the due date$100 per form if you are late filing, but file by August 1$270 per form for filing after August 1 or non filerThere used to be an "intentional disregard" penalty of $540 per form, but I'm not seeing it in this year's regulations.The due date is January 31, but you can get a 30 day extension if you send in the proper form.If the IRS categorizes your rental as a trade or business, it is up to you to prove that it is not. 

An unlicensed assistant cannot perform any brokerage duties.

The rules are just not black and white on this and the IRS can issue a penalty of up to $260 PER FORM depending on how late you file it as well as an additional $250 for Willful Negligence.Not worth it, imo.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?