Unless you magically found this tenant, you should be able to re rent it.Bottom line, split the cost.

I know 70% is the magic number but in strong markets profit can get squeezed.  

Not saying that all your needs will be magically covered, but there will be times that you just can't get to the property (due to the distance) and you will need that type of support.

@Joshua Zajac - As you can see from the varied answers, there is no magic way to start or place to start.

So you'll know if they all magically showed up 3 months ago.

An old building might need 20% maintenance but you need to see actual expenses from prior years, not a magical proforma.

This is no easy task.Funny thing here is that this magic number will keep moving.

I'm 30,000 feet over the western United States right now, using the magic of in-flight wifi.

If you can get rid of at least your CC debt and personal loan, and then save up a 5% down payment on a house, then you can make some magic happen by renting out rooms or units of your house.You sound like a perfect candidate for a Dave Ramsey money makeover... get a copy of his book immediately if you haven't yet. 

3 day workshop for a "mere" $2,000, which I've heard is just another sales pitch for a bus tour of Armando's magical hot spots @ 30k-50k admission.