Cut your losses the first time they miss a payment and start the eviction process.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Do you use any tools or services to automate the process, or is it something you manually handle?

Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

Neither do I, thats why i was asking the process :) Any education you have on Sub To?

. :)We definitely want to invest in true vacation rentals as well but this will be a good learning process with not as much risk to start.  

This process is repeated over and over and over. 

For example, with our private investors, we always ensure that deals are secured by real assets and provide full transparency throughout the process.

Quote from @Michell Chase Chase: I registered my LLC in Wyoming and was not told anything to that nature..but my investment property is in NY so I also have to register my WY LLC as a foreign entity LLC in NY as I will be generating income in that state...

I always start out with a process of responding back by phone or email and getting a quick conversation to let them know my process.