I have just read through the four years of this thread and found some great tips, thank you to the OP @Thomas Youngman and all the content others have provided.

When it comes to repairs, I recommend talking to contractors who can walk through the property for you and give you a solid estimate.

Highly recommend (I require) collecting first month's rent prior to handing over keys.

I recommend attending different Real Estate Investors Association meetings to network and get a feel for the landscape.

Hello @Peter Mckernan, These tips are very helpful and will definitely use them on future listings.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

But I wanted to collect some recommendations in the meantime. 

I'm going to follow this to see what tips folks provide.MikeHey Mike, I am actively investing there so feel free to reach out with any questions!   

Even so I would not recommend filing bankruptcy.

I would only recommend purchasing items that fall into that vision.