There are even more savings if you do the exchange from a state with state income tax to a state without them if you then hold until you too live in a tax free state. 

Looking to hold this as long term investment and rental income. 

The terms are significantly better than DSCR. 

One other thing I didn't mention is that our timeline for moving is extremely flexible and we would not make our plans until after we have found a suitable tenant (even if that means staying with a friend or renting something short term locally), so at the moment I am a bit inclined to want to try things ourselves using some of the recommendations from @Nathan Gesner, @Chris Berry and others.I also did a a rough analysis based on the two local PMs I have researched and the potential cost savings would be over $6,000 a year.

I have 2 long term rentals both at 7.5% interest rates.1. estimated value: $950k, outstanding mortgage of $574k2. estimated value: $900k, outstanding mortgage of $514k#1 cash flows nicely for me at $2500/mo, but #2 leaves me at a $400 loss each month, mainly due to the interest rate.

A slight slowdown in terms of prices and days on market but inventory remains very tight (1 month).Sales - Months of SupplyThere is one month of supply for our target property profile.

Although there was a slight dip in closed sales—down 2.4% from last year, with 1,114 transactions—the market is holding strong.The median sale price for condos and townhomes nudged up by 1.2% to $424,950.

He lives a standard young professional life, so no damage or issues have come up in the past 3 years that could break any lease terms. 

My wife an I try to focus our long term rentals in towns within a 30 - 45 minute drive to Raleigh.

It sounds like he loses (sells) the property now on his terms or loses it later on someone else's.