Practical Tips for Managing PropertiesFinding Good Tenants: Screen thoroughly.

Do you recommend making relationship with property management companies?

Long story short, it has been over a year and the project remained incomplete and he walked away with the money.

Hey Jamie, I am actually a property manager located in Jacksonville, FL and work with several investors in the area.

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

The key to investing out of state is finding a good property manager.  

Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them.

Lastly, there will be no management fees!

It might be wise to sell it just from a management standpoint and reposition the money into some index funds and maybe another property in NC.