Mark I realize Ali Boone just had a great blog post about PMs (the good, bad, and ugly) and how it is worth it to pay them for their services (if they are good).

If you decide to take action at the speed you are comfortable with and have the financial resources available to run it as a profitable business you will probably be much happier in life, and sleep a lot easier.Also realize that the term landlord means business owner as well as investor.

So I think the pricier markets something like Reno, NV (no bias haha) where there is inventory that needs a house hacker but we can still see the margin and exit and realize that hard work sweat equity. 

I think you realize now that you hired a GC that lied to you.

Depending on how far these tenants are lagging market rates for their similar size and condition of unit, you can be a touch more aggressive, but likely want to keep your rates $50+ below competition, so even if they are pissed they will start shopping around and realize they will still have to pay more and incur moving costs, if they choose to leave.

Sell, pocket $200k in equity, appreciation since they bought it, bank 25% for a new deposit in a year once they repair credit, buy two new second hand cars because they need them, pay off credit card debt, put a little extra to the side for increased rent payments for next 12 months, and reorganize to buy in 12-18 months... now they see the light, a chance to move forward, to not stress, and they're lucky the market increased so much... but if they struggle to keep it, struggle to make payments, then 10 months realize they need to sell, would they have as much equity, maybe, maybe not..  

Do realize it harder to find good property management companies here, but there are some really good ones. 

Some hosts are realizing some of us are still doing very well because we're willing to adapt and change.

We also have healthy IRA's and will both qualify for social security in the future.After being a landlord for nearly 25 years,  I'm thinking about selling it all and moving the money into immediate income annuites or some other fix income vehicle so we can travel and live a less stressful lifestyle.There doesn't seem to be an easy way to avoid capital gains and I realize many of these fixed income investments don't hedge against inflation. 

I already invested in 2 properties the traditional way (conventional loans) but am realizing that money is always going to be an issue.