Quote from @Chris Howell: I am interested in learning more on expectations of a lp in a passive multi family syndication?

The so-called parters ran up debt without my knowing, and, before you know it, I was on the hook for much, much more than I expected.

Then the appraisal came in lower than expected — not dramatically, but just enough to throw off the loan terms.

We simply perform our services and expect to be paid for our work, as agreed-to.

This expectation has yet to materialize.

So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations.

It’s definitely a balancing act — owners want to protect their investment, but holding too tightly to outdated assumptions (like 2021 rent levels or tenant demand) can end up costing more in the long run.I’ve found the best approach is setting clear expectations upfront with a manager: define thresholds where the manager can act without approval (like minor repairs or small rent adjustments) and bigger decisions that require owner sign-off.

Quote from @Alexis Vasquez Hernandez: Hey BiggerPockets,Wanted to share a quick experience and see if anyone else has been running into the same thing.I was looking at a flip in Houston recently that looked solid on paper & the comps supported a decent spread, but by the time I factored in rehab and holding costs, the numbers got way tighter than expected.

Both are options - as Sultan noted, it just comes down to the expectations set at the prior to locking the deal down.

I figured it’s a big reputable firm no problems expected.