The only other thing was the bidding ended up coming down to the price + appraisal waver. 

The first house I lived in was on Waverly Place.  

I think the unit can get changed before things freeze up... unlike Patrick's story where it was a new heating system that takes more time/plumbing, and it sounds like there were not tenants there to give him early warning.NOTE: Extending the life of something that has cosmetic effect like paint, will cause the quality of tenants to waver... and it could be a downward spiral... so keep the place looking nice.  

@Waverly RennieManaging a STVR from overseas seems like a difficult prospect!  

Tell the tenant to get it in writing and sign a waver for liability if they proceed.

Thanks @James Carlson, @Ryan Hilbun, @Rick Hernandez and especially @Waverly Rennie for such great contributions and suggestions.

I also disagree with his 8% because real estate sales are slowing and buyer sentiment is wavering. 

Fear is not a foundation for doing business.Establish minimum standards and never waver from them or you will be placing justifying your standards at risk.

Issue the pay or quit notice immediately and wait for him to contact you to discuss the issue.If you want things done your way never waver, lay down the law early.  

It isn't always a blast the doors off and get rich quick.... some of the best investors were calculated, started slow and have a foundation that doesn't waver... those are the ones with staying power.