BoA is fine for this sort of setup.. but consider a local credit union in San Diego for lower fees and simpler sub-accounts from what I’ve heard.

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

Now I'm not saying this is a bad thing - but it's something to consider. 

I'd seriously consider finding a new PM who has better systems in place for handling these situations.

What do you consider success.

Good suggestion by @Drew Sygit to consider section 8 tenants for possible cashflow and lower vacancy. 

Also, consider joining local real estate investment groups in the Ashtabula area - even if you attend virtually.

Always perform thorough market research and verify the numbers on any property you consider.

It might sound fancy, but it's worth considering.

@Regina Story consider vetting Xero, REI Hub and RentalHero.