The deal was they would get this below market rent but they would take care of all expenses on the property and we had the peace of mind that it wasn't getting destroyed by bad renters.

I cycled through several PMs before landing on my best current option, which is a husband & wife caretaking team that deals with my cleanings, takes care of my pool, handles emergency issues, puts out the trash on Sunday night, and sets up and waits with various contractors when things need to be dealt with.

You might find local meetups or online groups where you can share experiences and learn from others who have successfully navigated the process recently.Also, be sure to analyze the numbers carefully to ensure that the investment makes sense for you.

Quote from @Mike Wells: Be careful of shiny object syndrome.

So be very very careful paying attention to the pitches. 

If you have the thick skin and patience for it, you may be able to make it work, but it wouldn't be something I would recommend. 

(I'm a fat boy, I can say that, lol) DON'T get distracted by the BS of 7 steps away blah-blah-blah, who cares, it's not actionable now or next so it does NOT exist in our minds, worry about it when it matters. 

Who cares about the interest rate.

Financing the deal with private money was effective for quick acquisition and rehab, which added substantial value by making the property more desirable for tenants.The main lesson from this investment was the importance of careful property valuation.

Trust Your Gut—And Your Strategy:It sounds like both you and your wife are weighing your options carefully, which is great.