Emotions are a weakness that should never be wasted on tenants whenever money is involved.

If they didn't like your offer for some reason their agent can't tell you "They thought your offer was weak and you would never close because....."

But there are other demand drivers which can also impact values...such as the GDP of other countries, strength or weakness of the dollar, etc.

You'll want to have just a written policy in place that says that you're following that and you will capitalize any thing over $2,500It used to be $500 which was weak sauce and I had to capitalize junk like smart phones all the time.

I'm not a handy man what so ever and I do not want to get dragged into the day to day of being a landlord.I realize where my strengths and weaknesses are and that is why I am planning to utilize a property management company.My question is, are my expectations unrealistic of being a mostly hands off real estate investor?

I still consider my self as a novice landlord, and think that my lease seems a little weak. 

Again franchises help with this because they have training programs that help with weaknesses in industry experience.There is much to discuss and consider when getting a business loan and SBA loans but I can help you navigate it more.

Once it is fixed, I would look at replacing the folks doing your lease-ups as it appears their screening is a bit weak.

Caveat: some investors consider strong cash flow a hedge against loss of principle, i.e. falling real estate values.PS: If you are playing with other people's money, i.e. you have a loan on the investment, weak cash flow puts you in a position wherein you may have to use your own assets to cover losses.

I have a chronically late paying tenant as well...pays around the 10th of every month.