@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

Would you share 3 specific things I should do during my "training period" (if it includes a book, which one)?

@Rafael Valdor some advice when screening PMCs-----------------------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Also, make sure you thoroughly research rental demand and average rents in the specific area of Miami you’re considering.

We're often helping each other problem solve our listings or helping with specific situations that are occurring at our properties.

The only information I had to go on was with the last Lender informed me so maybe it was specific to the company they were with.

It's worth $149 (prices went up) for a year to see if it will be a good tenant source.

Just because you want to hit a specific number doesn't mean the market will meet you there.Great example of how Class C properties may appear like great cash flowing investments on paper - meaning fully rented, paying on time and normal levels of maintenance.