In a Bind (no property management contract)

[Gary Tsai]

Long story short - I bought my first house in Ohio, got laid off a few months later, and got a new job in a different city.  Instead of selling, I decided to rent out the house instead.  Not knowing much about rentals, I didn't ask for a contract with the property manager - we just shook on it.  Everything was peachy the first few months - rent was coming in and I was set on the mortgage.  Fast forward half a year, and rents & statements are coming in months late and soon stopped coming period.

As I didn't have a contract, my gut reaction is that I should just eat the loss and move on with a lesson learned.  However, I figured it doesn't hurt to ask around to see if I have any recourse available.  Any advice?