In the long run, if a tenant stays for years, this model is better for the property manager (AND better for the owner), because one of the most expensive expense in this business is vacancies and turnover.The only way to further align the interests of the PM and the owner is to provide an incentive based on the profit that a property makes.

I hope I am not being too much of an optimist by saying that, that has just been the consensus of individuals I know who own properties in like communities in this area.The "education" component is not based off of this single community.  

@Mat Trenchard,  The assignment of contract rights for both sale and purchase to the qualified intermediary is a key component of a successful 1031 exchange.  

A cost segregation analysis will look at all of the components of the building and break out which items can be depreciated over 5,7, 15 or 39 years depending on their IRS classifications.

Build relationship and trust while constantly making life choices every day that align you with your business goals and being a solid, high-quality human being worth knowing and the money will come.

It's harder to get hard money if there's no rehab component involved

It will provide you with a basic summary of all the components of REI.  

I pay a small draw weekly in addition to a bonus structure in place to align incentives such as $100 lease up bonus, etc.Finally a word of caution - there are some multifamily properties that simply have no chance of ever cash flowing no matter what you do to them.

I'm new to real estate investing and buy and hold seems to align with my long term goals.

It is possible to succeed that way, but in order for almost anyone to do that, they need to be able to listen to those who are experienced and especially with those who's interests align with yours.