Given that the local wages are relatively low, does this mean the property isn't a good investment?

@Michael Plaks is spot on - character wise, 1099-R income falls in the same "bucket" as a W-2 wage would be, thus to offset this income with real estate losses, it follows the exact same pathway (ST rental with material participation or REP status with traditional rentals), but since you don't have all your time sucked up with a W-2 job, you have much greater flexibility to hit those related hours thresholds under those paths as well.No idea if he's taking clients - but if you are looking for local(ish) and qualified in TX, Michael is also likely a great one to reach out to.

Income persistence requires that your tenants remain employed at similar wages.

Still at an affordability crisis, still on the verge of unemployment picking up, still on the verge of inflation superseding wage growth again. 

This is a great setup for high income earners who want to invest passively.

All the above will give you, your management company, and/or your collection attorney some traction if it comes time to attempt to garnish wages or tax returns or levy their bank account.Some of the above may sound a bit draconian, but consider that you may have hundreds of thousands of dollars tied up in a property you're turning over for their unsupervised occupancy, and that they can do huge damage to the property in just a few hours.

Find someone good, pay them a great wage, and be done with it. $500.If there are truly 3 layers of roofing on there, definitely needs to come off at some point because the structure is more than likely not designed for the weight; but for now, just patch and go.

People are getting poorer quicker and wages are not keeping pace with the cost of living.  

Investing is a supplement and a hedge, but you earn more for all of your investments, but upgrading your salary or wages year over year.

I am a high salary earner.