It's precisely because they only do it once a decade that they obsess over it.

I found last year's payment standard chart for Racine County:http://www.rcha.org/Portals/TheHARC.org/Documents/...And Kenosha:http://housingauthority.kenosha.org/rentallowance....Not sure if that's too generic for your market, but it can be a handy guide, for future reference.

The house does have a detached garage so I *could* explore renting that out separately for $100 - $150 mo.The numbers for the P/I on the BP calculator are $100 off so the chart is misleading, so my $6 cash flow will be morel like (-$94) and that's with me self managing.So my what are my possible exit strategies? 

It could be good, but I'd project out the expenses more precisely.

@Skye Anderson... yes, I taught and recorded a class in March where I went through the "Impact of Property Management Fees on Your Rental Portfolio" where I showed a number of things including how long it takes for you to make as much cash flow from the property as your property manager does (which... if I recall correctly was almost year 30 for properties in my market) and the total cost that a property manager has on your portfolio when you consider that they are siphoning off money you could be using to buy your next properties sooner.Here are a couple charts from the presentation.There are like 30 charts in total but the difference in terms of net worth is startling.

Just be clear you have the right to kick them out over owing you to fix a toilet - when you have a security deposit that is there precisely for this kind of thing. 

Sure, cut the security deposit check - AFTER deducting any rent owed.The reason most landlord can't afford to forgive rent payments is precisely because they are not the size of a bank.And I disagree that this is a "relationship" business.  

I have worked tirelessly for several years, continuing the work of Josh Dorkin, to help our community prepare for both long-term wealth creation and precisely for a recession, which always looms on the horizon. 

there is a very precise way it needs to be calculated using the useful life left of the damaged item to calculate the amount you can withhold for example if carpet was damaged and the useful life of the carpet was 5 years and the carpet is 5 years old you cant charge them at all    To answer your question I would create a deposit accounting and describe in detail what you are charging for .  

The chart above says Rustic Investments bought 33 liens for an average of 14.94%.