Step 3- hire property manager to manage/look for rentersStep 4- look to refiance out of the hard money loan(how long after having a renter in can we refiance?)

Don’t have the time to do property management right now however as I have a full time W2 (accredited investor) and a family to raise. 

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.

Hi Aaron,It's always challenging when companies go through transitions like this, especially when it involves something as personal and critical as managing retirement accounts.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If we had a property management company my wife and I would still have our W-2s.  

I manage around 400 rentals with 14 years of experience and have never been sued once.

I manage quite a few properties in those markets.

I run Blaze Real Estate a property management company in Amarillo.

Keep systems in place for managing documents and contracts.6.