As an investor a 10% return wouldn't compensate me for that kind of risk as I'd be inheriting the problem if it was a bad deal OR only getting a 10% return if its a good deal (i.e. no upside)Not criticizing you - just curious on your response to that issue. 

My response now is always "what do you want real estate to do for you?".

My question is if open houses and prospective tenant meetings need to be hosted by a licensed broker, or if I could contract this out to an unlicensed individual. 

Hi Ben, sorry for the delay in my response.

We just saw today a huge collection of homes listed for sale by owner in the Jacksonville Florida area!!!  They are discussing pre approved financing, package deals, fix and flip, and even development potential !  90 ...

Last question.. since i do have a property mgr..was it their responsibility to tell me about water bill not being paid? 

I understand what @Blair Poelman is saying that you give up some of the fiduciary responsibility that the agent owes you, however, in a competitive buyer's market, it can be helpful to get more of a competitive advantage and if it comes between you and someone else offering on the same property and you are using the seller's agent, in my experience, you usually get the deal.  

Very responsive, thorough and active.

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Now things have changed and I have the opportunity to turn the units into condos and sell them individually.