After 30+ years of property management, I'd say get used to it sucks. 

Try interviewing at least three managers.1.

That 500/m loss does not include reassessed property taxes, vacancy, property management, maintenance and reserves  - so it will be an even bigger loss.A tax professional can assist you with your tax strategy and then you can work from there to identify the strategy to deploy. 

I’ve been in the real estate game for a while, and as the CFO of [Your Company Name], I usually stick to what we know best: developing and managing Class B multifamily projects—20-50 unit properties in rural southeast US, like Georgia or Alabama.

I have one asst. manager doing book keeping weekly on over 400 units. 

Seems like such a waste but nobody can agree on a new portfolio manager as the old manager was a family friend for multiple generations and well trusted.

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

(I actually laughed when I first learned this.)10% property management fee (With separate charges for new leases, repair management, and rent collection—what exactly does this cover?)

I am a fellow investor also looking for my first property but I also have a contracting and property management company.

Great, there is a lot of guides and resources on managing properties here, and analyzing deals.