Current details:Payment is $1,270Interest rate 4%Loan balance $108,000Cash-out refi:Loan Amount: $210,400Conv., 30 Year, FixedInt.

If you're going to do this for the long-term, it's worth talking to a real estate lawyer and spending a few bucks to get it done properly until you know the procedure.   

The difference in your bank account balance between paying a property manager 11.67% (10% of gross rents plus 20% lease fee) and managing the property yourself when buying one 20% down rental property (in Northern Colorado) over 40 years is:If you invest the difference in the stock market and could get 8%, the difference becomes:If you're saving for a second purchase, it delays when you can buy that second property which further compounds the effect of property management fees on your overall net worth.And doing the full Nomad investing model, it is pretty significant differences.I am going to write a whole book about the impact on various investing scenarios.

That said, knowing contracts, disclosures, and how to properly negotiate are important factors.

What I'd recommend is setting proper expectations.

When you are a long distance away, it is already hard enough to trust that your contractors are properly making repairs, or not over-repairing when not necessary.If you have contractors you trust and work well with, then I think it is OK to self manage from far away, but don't allow your tenants to work directly with your contractor, otherwise you can be taken advantage of.

You'll be behind two months in terms of your escrow balance.

It has nothing to do with getting them thrown out onto the street.What it WILL accomplish is once they have something in writing, ie Notice To Pay or Quit (or whatever your official notice is in your location) they can go to any of the many, MANY great agencies that help people in this type of situation.Once properly served, everyone will know that the clock is ticking. 

If you're only half way in it, you're not going to have the knowledge and skill level required to properly take care of your client.

@abrahamanderson Don't listen to others that say "stay in your lane" and out of playgrounds.This IS your lane, it's an amenity for your residents and as far a liability is concerned, reach out to your insurance provider to ensure you are properly insured and you should be fine.