However, we are taking over from a PM to self-manage and are inheriting the current setup.Our biggest concern is that this first communication from the tenant was a sob story asking for $500 back/off rent.

I am a self-entrepreneur and know the importance of office space. 

Avoiding accessive PM fees (personally I recommend most people self-manage)These will eat away at your ROI.

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

Bizarre.My wife and I also have a self-directed 401(k) plan, @Tina Artigliere and @Alicia Prokos.

If you own real estate in a self-directed qualified account, the 1031 exchange is unnecessary.

For example we do self storage.  

July 2022 we sold our largest and best self storage development.  

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

Of course my nosey self had to go look up your rental property.