And when the company you're suing has shut down and apparently has no money, is it even worth the effort?

Hi Karen, Have you tried reaching out to any other local investors or property management companies? 

This was my first investment property and I had a poor inspector who missed all the electrical and even though the roof had about 5 years left my insurance company made me do that.

@Caleb Rehg Just as a note my insurance company frowns upon college rentals and makes me state if I am renting to any undergraduate or graduate students.

However, Greater Phoenix is not solely reliant on chip companies. 

I contacted a property management company and they expect it would rent between $2,000 - $2,100.

If you manage to get this off the ground and do some verified - meaning paperwork is in your name, or company's name, etc - projects that turn a profit, and you build some capital in a bank, you should be able to go right to that lender after a year or two and start a relationship no problem.  

I’m an investor and the owner of a property management company based in Kokomo, with portfolios extending into the Indianapolis area.

Some PM companies take on higher end stuff (think Cul-De-Sac neighborhoods) and some focus on the hood.

@Stacey OlsonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.