I realize we are extremely fortunate under any circumstance, but the thoughts I am balancing are if you could only return ~3 or 4% via renting out after a thorough renovation, would you consider just selling outright. 

I've been in REI a long time and have seen the good, the bad, and the ugly, but $60k of damage from one tenant indicates gross negligence on the part of the property manager.I'd suggest three things: 1) Study the contract you have with the PM company, and talk with your attorney ASAP to see whether a lawsuit is feasible/advisable, 2) Get at least three bids from other contractors on the repairs (and before you hire any contractors, study up thoroughly on how to properly vet and manage contractors--there's plenty of info about this on BP) 3) Don't do any more business with the PM company (or any contractors they refer), and keep them at arm's length while you discuss your legal options with your attorney.

Thank you everyone for all the recommendations thoroughly appreciate all the advice!

Screen tenants - Implement thorough tenant screening processes to minimize risk of vacancy and potential rental income loss.4.

Even then, you're taking a bit of a risk and you should be very thorough. 

Thanks for the thorough list.

My best advice for getting started is to learn to run your numbers thoroughly and then practice on potential properties that you see listed. 

However, ensure you conduct thorough research on the Indiana market, including economic drivers, rental demand, and property management options.Consult with Professionals: Given the complexities of 1031 exchanges, out-of-state investing, and retirement planning, it might be beneficial to consult with a financial advisor, tax professional, and real estate expert who can provide personalized advice based on your specific situation.Retirement Income Planning: Consider how this investment aligns with your overall retirement income plan.

Ensure you thoroughly research and analyze potential areas for profitable flips.Renovation Costs: Accurate estimation of renovation costs is crucial.

So increase NOI, then you can back into a rough number on what your loan proceeds will be based on your forecast debt service upon refi.Hey Evan, Thank you for the thorough response, greatly appreciated!