If you must be the on-the-spot final decision maker and are also the sort of person that can be talked out of $1200 per year without giving yourself time to think through your options or come here for advice then please hire a manager.No request, no matter how small it seems gets an instant response!!!

@Nadir M. many PMCs post samples of the management contracts on their websites.So, you can download a bunch, sort through them and then cut & paste what works for you.You will still NEED to have an experienced real estate attorney review for final approval to make sure its compliant with state and local statutes. 

That company had let the home slip into an auto-renewal system of the lease without any sort of standardized rent increases. 

Assuming you can cover a decent portion of the $60K from the 401K loan, get some sort of loan for the rest.  

the point though as well is virtually everyone is some sort of race or ethnic backgrounds and to think that these cultural and different backgrounds do not extend to how they do real estate deals is simply someone who has no clue.. 

I sell insurance and am commission based so I would like some sort of passive income.

It sort of sounds like it’s the Wild West and most of the billing laws are very gray when it comes to water.

The "big/corporate boys" do that sort of accounting. 

I know another poster said there is a lot of media sensationalism and I only sort of agree.  

This 80K also becomes a sort of reserve.