I’m a Realtor and property manager in Austin and happy to help in this area!

The tenant supposedly had complained for months to the property manager that the furnace was not working.

You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

Getting a rental license as an out-of-state investor is doable, but you’ll need to manage inspections and compliance.

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

. $215k is the offer that is falling through.It's not something we could self manage.

Would love feedback from anyone with personal investing and/or property management experience in these cities.

.- I would highly suggest you plan on using a property management company.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else). 

and am eager to connect with experienced investors to gain practical insights.What I’m Looking For:Advice on identifying cash-flowing properties and understanding market trends in Lynchburg or similar areas.Recommendations for a local real estate agent or property manager with experience working with investors.Insights on how to balance active and passive investing as I grow my portfolio.I’m grateful to be part of such an inspiring and knowledgeable community.