Make sure all your documentation is in order in case he decides to sue (unlikely) or file a complaint with the state.Once you get rid of him, it may be worth eating the $1,300 shortage just to be done with the guy.

Quote from @Andre Hammond: We used doorloop. pros: nice site and set up, easy for you to use to screen tenants.Downside: if your tenants nsf you eat the bill especially if they aren’t making the payment next month.They use a 3rd party for payments so if you get disputes against you.

I suggest you offer them to pay half the missing rent, and you eat the rest of it.

The issue is that it does eat into my free time, which is very precious to me (I also don't have a lot of it).If I want to exit I guess I can look for an institutional buyer at around 5% cap?

Keep in mind low downpayment can have PMI which eats dearly into cash flow.

If it can't cash flow at approximately 60% of current market value and a once in a lifetime interest rate, it will likely eat cash until it is paid off.The nerve of these kids to want to go to college?!?

Holding costs will eat away at any potential profit. 

I like looking at the lake in my backyard too much to want to eat time chasing default business owners who owe money.

Buy your lists, smile and dial all day and every day.Negotiate hard, be quick, close quick and close with cash.Your word is your honor and if you snag a bargain price and are under contract with the seller, even if it turns out to be a turd.Buy the turd and eat it.Don't be a turd like many other wholesalers are and let the contract lapse.Right @Bob Stevens?

if there is deferred maintenance it will eat up all cash flow for years and years.2. if "offers are due Sunday" it sounds like this is a multiple offer situation, in which it seems extremely unlikely they'd accept an offer below asking... in multiple offer situations the price typically goes above asking.