But I’d be amiss if I did not suggest that instead you gain knowledge of the aforementioned 3 foundation by studying for a real estate agent/broker license, and then seek employment with REITs, real estate operating companies, real estate managers, or real estate brokers.  

I have five houses in Memphis area, and the biggest problem has been finding a good property management company. 

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

I know that RTR positions themselves as “turnkey” but the reality is that they are more of a hybrid model - they set you up with everything you need and facilitate relationships with lenders, insurance, property managers, and so forth - but they are not the actual service providers.

They go through a management company, M.

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. 

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

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. 

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