, new drywall on ceiling in about 50% of home, paint,........) then market it and hope it sells before rent (500/mo.) eats up all the profits.

The last owner decided to eat the cost.

I have a good friend who manages properties near there, so he had said he could recommend some people to me if I wanted to go the self managing route, however I think I'm pretty settled on just eating the $140 or so a month cost.

If not, be very cautious: 16%+ cash advance rates are common, and that much interest eats up profits quickly..I'm not a fan of borrowing, much less borrowing on credit cards.... if you're going to do it though,consider a less expensive, less risky strategy like asking the Seller to carry a second @7-8% or find a money partner to fund your down payment. 

Even after the rats started to come in and eat avocados on her counter, she has not set traps, or bait for them inside.

This deal will take 5 months before it even hits there market which eats into my profit margin. 

I'll walk away (house should be on the market in a week) with a nice chuck (50k invested and 60k to 80k profit per the market) it eat up a lot of nights and weekends of my life.

I make sure to tell the tenant not to let junior eat the paint chips .

The state is idiotic if they believe I am going to eat that fee out of my profits. 

Just show up, eat, and meet people.