Adding  about 2.5% closing cost of 17.5k will bring you to about 50.5k (rough estimate) out of pocket. 

I am not keen on returning any of this money back to the main tenant as it is very evident that the damage he has caused on the property with a rotating cast of characters and a pet is likely significantly higher than $2000.5) Legal fees and other costs: Can we include a demand for unpaid rent, legal fees, and other costs in the eviction process for our tenant or does this have to be a different suit?

Honestly, I've been getting screwed with some big ticket issues (related to HOAs, selling different properties, continual unforeseen maintenance and costs) and this one really crushed me once I realized it was an actual issue.

All told, the GP is making $337,500 just to arrange the deal (not including their reimbursement of any out of pocket costs they have already covered: due diligence costs, broker costs if they are paying anyone to bring them deals, legal setup costs, etc).  

I mean a deal will cost you 150k in capital, maybe more. 

The appraisal came in at $120k where the purchase price was $78k and $22k reno cost for all-in of $100k.

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

Figure out what it’s costing you a day and start there. 2) Increase pet limit to 50lbs. 10lbs is an extremely small pet.

Hi Nina.If I were not experienced in land lording and property manager, I would look personally to the extent you want to learn or experience property management versus hiring someone else that you trust to do the job.Yes, the cost for a property manager is important but not essential- the cost between property managers are not double or triple the cost of others (say like attorneys in some areas of law or cars). 

I expect to add to the cost of the replacement property.