Again, the expensive communities attract buyers that want something nice - not a project!

We have a property manager who bleeds us and produces zero results.

@Adam Rothweiler Sounds like your making the transition from SFR to commercial so the likely 1st purchase would be a smaller building that will likely attract mom & pop businesses.Most folks don't go from SFR to a plaza with a grocery store as the anchor.When you are screening the mom & pop businesses there is no reason not to run a credit and criminal check on the owners themselves. 

@Tyler Maragh Would a vacation home in Davenport attract tourists visiting Orlando and Disney or is it too far?

Could the house be acquired for less, that would not only improve the return on cash, but also build equity into the deal.In addition to the cash on cash return (and we could possibly nudge the rent up a bit to make it more attractive), there are definitely other ways we can increase the upside for our investor as I expect my financial position to improve drastically over the next 6-24 months.  

Photoelectric are frequently placed in/near kitchens as they produce fewer cooking-related false positives.

Lowering the property's value and the quality of tenants you can attract.

(I'm sure someone will chime in with "you're asking for your home to be ruined" but I lived with 5 SDSU football players and not a thing went south).5) If students DID cause damage, security deposit will cover just about everything. 6) Usually, Financial aid or parents pay for rent, which means you don't have to be worried about not getting your monthly paycheck ;). 7) Lastly, I plan to fix it up in those 2-3 years that will attract the slightly more responsible tenant. 

Are you in a location that will attract another good renter easily or will you face a long vacancy if the current renters move out?

In Cleveland, Ohio - you can have 2-3 rental producing $2,600-$3,100 per month in cash flow, with a professional property management company, that is really turnkey, what is the value proposition for this asset?