You will need something local and that eats into your profits, or if you travel to TX a lot you get the same result.  

But as @Tiger M. states you can refuse the payments since they are only partials and foreclose as well.. again though in my mind to foreclose over late fee's is jumping over dollars to collect pennies. and at the end of the day if I never got a late fee what the heck.. they could use it more than me.. its not going to change what I do were I eat were I travel the quality of the wine I buy etc etc..

Based on the rents, it sounds like the prices are good, but I live in California so I have no idea what your market is doing.Why not eat the elephant one bite at a time?

Down here landlords are advised not to rent to families with children if the house has lead paint as it's known to cause cancer if a child eats the paint. 

If we had not already gone so far over our time limit and with the carrying costs eating into our profit every month, we could have held our for more.

Seasoned bad tenants can eat up a rookie landlord unless you are tough but fair.

 $700 per month would be huge fat city living for me, as well as it would help me pull all the dents out of my credit in a short year.

Do you go out to eat?

The property is a 1163 Square Foot SFR on a slab with 3 Beds, 1.5 Baths, Eat in kitchen, and central heat and air. 

Many of us get together once a month to network and eat.