Sounds like internal accountability is really important to you!

Sounds like it might be doable, especially since you have already experienced what it would be like.

Sounds like you got it perfected as much as it can be…

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

(I am a silent investor, the developer is doing all the heavy lifting, and we split profits at the end)It sounds like you’re being really strategic here, which is smart.

It sounds like you could have a promising deal, so lean on your experienced agent for guidance and go take action!

The property is paid off so you have options.Based on what you’ve shared, you carrying the note sounds like a viable option.Have you considered seller financing?

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

It sounds like you had a terrible manager.

A nice multi family property that you can do some light fixtures on sounds like a perfect strategy for you so you and your wife can have your own unit.