It sounds like you have your head on your shoulders.

the fact that your thinking about this now is telling me that he is taking a lot of work off your shoulders. 

In today's market, you are going to want to live answer as many as possible....it will put you head and shoulders over your competition.

@ Joseph M - it was a $400k SFH in Tempe AZ.... so not your typical OOS C- rental....mine was renting $1600 back in 2004...Still tenant don't seem to stay more than 6-9 months , non stop repair request, all repairs at 3x the price.... on and on and on...This is still a mystery to me... when I self managed my rental in SF, tenant stay 3 to 7 years, 1 repair a year if that much....To this date, I did not figure out why OOS rental is non stop issues for me..At any rate, that property, had I hold it, rents $1800 today and about $340k today.... so good decision I did to cut loss... pad on my shoulder ...lol

You shoulder the burden of your filing costs and fees unless you prosecute your case to judgment for non-payment.

There are a lot of people who have solid heads on their shoulders and get the right amount of education before diving in, and may even have a slight natural knack for it, and they can do fine starting with bigger properties.

As you correctly point out, it takes a crapload of ADDITIONAL WORK and ADDITIONAL EXPENSE to put systems in place to take the burden of LANDLORDING WORK that falls directly your shoulders the first minute you buy a rental property -- it is not an easy organic process that just happens, and this additional work is not worth it unless you plan to be at landlording over the long haul with an every-growing number of properties.Real estate is not "an alternative wealth-building investment strategy for gaining financial freedom," or any of the other glib code phrases you'll find on this site for sitting on one's untroubled *** and letting the money roll in.Good luck in your future investments.

Great head on your shoulders @Sean Bozigian, be very creative in this game.

I bet it feels like a big rock was moved off your shoulders already.

If it were to have happened with your 5th you’d probably hate it but ultimately shrug your shoulders and think “well, it was bound to happen”.