Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

We’re looking to install a property management firm within the organization as a way to generate steady income and keep operations running.

The part about getting out of your own way is so true, especially with managing subcontractors.

You also need to educate yourself on how to manage an investment property.

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 have never done this before even though I am a licensed real estate managing broker however I don't feel confident enough.

Lending terms will be important here.I'd say the biggest challenge thus far is making sure I feel comfortable managing this remotely, as it's located about ~150 miles east of Dallas. 

Ensure you thoroughly evaluate the lease terms and have a strategy to manage potential delays in finding a buyer.Best regards, Stevan

Currently my short-term management property is managed by the property management company.

I have learned a lot over the last ~6 months about furnishing a property, managing/pricing a rental, understanding the ins and outs of Airbnb/Furnished Finder, and analyzing real estate investments generally.My business idea is to use that knowledge and start a company that does the following:-Furnishes properties for investors who want to turn their LTR into a MTR/STR, new homebuyers who want to house hack, or just any investor needing a rental furnished.