You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

What worked for me was focusing on building strategic relationships with top tier people (quality partners) who could complement what I brought to the table—sales, management, and execution.When you are approaching sellers for creative financing, leading with a clear value proposition (and CONFIDENTLY) is key.

Is it time to manage my expectations and set my sites on a lower yield goal?

I will manage the property through my assistant.

It puts a face to management and allows to open doors for repairs if need be and makes them aware of who owns property now.

As the owner of a property management company in Washington, I have encountered this situation before.

The building's Property Manager is sympathetic to the owners at large, but says they can’t do anything until instructed by the Board, and they indicated the building’s lawyers would only respond to Board members.

I'm a managing partner at a holding company that does things a little differently, and we have a one stop shop for everything.

STR Property management is common and I know a lot of folks doing this.  

It will give you an entirely different prospective on investing, time management, and economic outpatient care.