I understand wanting to save money on the monthly fees, but when it comes to maintaining an investment that can very easily be devalued by deferred or poor maintenance it's worth it. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Quick search I did on bankrate last few weeks had owner occupied rates in the mid-5s ( albeit with hefty fees attached)

The third option is to do the cash out refi while you are still living there (better rate and fees), keep it as a rental, and then move on.

So far I have inherited 3 tenants who were there when I bought that were not on the program who paid maybe one months rent and then nothing for the three - four months it took for me to kick them out plus legal fees (Ny if its in an LLC you have to be represented by a lawyer).

We recently found out our lease is void/unenforceable due to some wording in there related to who is responsible to pay for attorney fees. 

Who pays servicing fees?

For instance I see "net income" and I don't know if that what the tenant paid or that's what I'm receiving after the property management fee.

Not sure of California, in Virginia, it might take 3 months of back and forth court visits before everyone is out.Maybe better to get everyone on the lease and assign clear, monetary fees in writing for violations.

If HOA fees, HOI Fees, and taxes haven't crumpled some it will.