It seems like where you are at in your REI career plays a huge role in whether a property makes sense to add to your portfolio. 

I know improvements etc will play a role.

If everything goes as planned you stand to profit "X" and take a passive role.

In the past, I've always kept those 2 roles separate.

Experience: Co "Junior" GP on 44 unit apartment syndication in Northern California.Project wouldn't exist with out my partner's 15 years of expertise/experience, so don't want to overstate my role in the project.

Being boots on the ground, I could charge significantly less for what I mentioned.The other side of the business is JV'ing on small multi-families between 5-25 units, (they don't have to be OOS investors as partners, but again, I think is enticing for out of state investors that live in real estate markets they don't want to invest in and want to get in on FL or other good markets) - and again taking that much more active role in the process - acquisition, due diligence, project management, & asset management. 

Maybe I will try and get a hold of him and see what his future plans are.I think someone's financial situation shouldn't really play a role in things like this.

The may gradually do so, but over such a long period of time it's not worth the wait.The primary role of CF is to recover costs. 

To increase your chances of getting a PM role in real estate, you can network with real estate professionals, attend industry events and conferences, and consider getting a certification in real estate management.

I see the advantages to having a in-house model knowing their role and having less moving parts so to speak.