Starting with firing your PM and then deal with the tenant as your attorney advises.When you are looking to hire a new PM, have your attorney draw up a contract that defines the nature of the relationship you hope to have with the new manager, and ask to see a copy of the PM's Policies and Procedures Manual. 

I would look at the other screening aspects and evaluate the entire package. 

IMO, you best bet is to define your goals, objectives, liquidity constraints, budget and time commitment (how active or passive you'd like to be).

I see too many investors applying these words, "it can't be done", to many things that can be done...you just have to understand the 3 most important aspects of every RE deal...successful and not...and all three are equally important, and depend on the other two for success:1 - Market Analysis:  Don't focus on the property...focus on the market. 

The other aspect is each have skills that are different from each other...where one is a little weaker, another is strong.

Interest rates are only one aspect of a deal and frankly one aspect you have some control over.

In regards to practicing analyzing deals, to build an analysis process I browsed the MLS and scoped out some deals that looked interesting and would analyze them in all aspects, as I would if I were actually going to buy it. 

This one is a little more involved, but it keeps everyone's roles and responsibilities clearly defined.

@Joe Johnson Maybe before anything you should define what you consider ROI and how you calculate it - this is how I do it:Cash Flow = Annual Income (or Monthly Rent x 12) – Vacancy (or Monthly Rent x 12 x Annual Vacancy Percentage) – Operating Expenses – Mortgage Payments (or Property Price minus Down Payment, all multiplied with Loan Factor times 12)Cash on Cash Return on Investment = Cash Flow / (Down Payment + Closing Costs)1.

I definately need to look into that marketing idea.