We're doing buy & hold for the cash flow so that I can leave my day job and play monopoly full-time. 

You could just let the tenant continue renting on a month-to-month basis. 

I appreciate your input in my continued efforts to gain more knowledge on investing in rental properties.

Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.

My initial thought is to advise them to continue to offer the fee to avoid alienating buyer agents, especially if this is how buyer brokers are creating their short lists to share with clients.

For now I will continue to study and save money to have more down payment for when it will be time to buy.

Easiest way for most ppl to continue to do deals if wholesaling becomes illegal in your state is get your RE License.

I’ll prioritize continuing my search for distressed and discounted properties, avoiding those areas you mentioned! 

Its location near the planned casino positions it for continued appreciation and strong demand, making it a solid long-term investment in my portfolio.

This property also plays a strategic role in the broader development project for the area, which includes 12 patio homes and two duplexes.