Is it possible to have a property manager who manages some of the property, while I manage the rest remotely?

Not impressed with other large institutional managers who are very light with boots on the ground and in many ways have the attidude they are assisting you in managing the property, not managing it for you.

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. 

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.

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

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

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

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

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