If your operating cost is high for your LTR, spend some time in the evening to learn how to manage properties on your own and start manage your own properties (trust me, it's not rocket science, professional PMs here will criticize me on this comment).This deal you mentioned does not seem like it's a deal that will get you killed (financially speaking).

We can't seem to get people to the property to tour in person or push them past the initial lead.

He doesn't seem to want to help in that department and instead provides buffered repairs numbers that are based on nothing.I will say, I do have a great PM that is always there come inspection and tells me the hard truth, but I don't want to continue wasting his time on duds.

If I had 200k equity, taking 50k seems safe, but not 50k equity and using it all.

I have no experience with squatters, but it seems to me that your risk varies a lot by location.

Just say it seems like a scam and move on.

It's a commuter city so it seems like most are there as long as their work is along the I-15. 

This seems a little outrages. 

It seems then refinancing is allowed.

Without finding a niche, it will feel like you're chasing your own tail because the questions never seem to resolve themselves.Hope this helps.