I am looking to connect with the investors there as the promotors are continuing to take Asset Management fees to the tune of $450K a year (on top of PM fees) even when their payout to the investors is around $20K a quarter (not meeting preferred) and the overall fund is negative about $450K.

Doing real estate and managing other peoples money from a fund are two very distinct skillsets.

The utility company doesn't manage your property...they provide paid services until they're not paid anymore. 

So I am assuming you were the lender on these properties and they did not manage them well and they went into foreclosure.

Cash flow depends on the down payment, but using a HELOC could keep your cash reserves intact while you get started.Make sure to build a reliable team (property managers, agents, etc.) to help you manage the property while working full-time. 

The current one lasted 8 years and needs to be replaced (as per what our property manager is saying)I heard front loaders could leak, so I typically only do top loaders for rentals.

The time has come for me to start investing in real estate and before doing so i'm looking to build a strong and dedicated team of partners: agents, lenders, contractors and property managers mainly in the Cleveland area (but also open to markets within a 2-3 hr drive away) that already possess an excellent track record in their line of work and that value long term collaboration.

Spending a ton on property management doesn't seem like the best move.

I'm going to try leasing the place out myself again, but if I'm struggling, I will hire property manager. 

It’s definitely worth exploring if you’re looking for a robust management tool.