For example, you might leave $10,000–$25,000 in the deal, end up with a $3,000 monthly payment, and only collect $3,000 (or slightly less) in rent.This applies to my local market and primarily to Class B or higher real estate.You’re better off finding a solid property that needs only light cosmetic work (e.g., paint, flooring, or perhaps a kitchen or bathroom remodel), buying it at a decent discount, and putting down at least 25%.

Hi Karen, Have you tried reaching out to any other local investors or property management companies? 

Look into connecting with some local investors, they typically have meet-ups often and swap stories and different strategies.

I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.

Have you tried calling the local police department, or sheriff's department, or the Texas Rangers depending on where this theft took place.

First you have to face the local municipalities & will be extremely difficult to get the zoning approved. 

Start networking with local agents and investors for insights, and talk to a lender to get pre-approved to understand your budget.

My PM quotes me and does the work on my buys to get them rent-ready and then manages them and I'm local but they do the same for many out of state investors as do many Property managers in Milwaukee such as Citywide Rentals, Welcome Home Milwaukee or MKE Leasing. 

If so, self-managing properties might not be the best use of your time - In any case, I'd encourage you to talk to multiple local property management companies, keep the above in mind, and understand how they approach management.In my experience, property management isn’t just about finding the right tenant or collecting rent—especially in a tenant-friendly state like Rhode Island.

While I always prefer to do deals with local, responsive agents.