This may impact both your basis and whether or not the estate should have recognized a gain--which may be pushed out to you anyway if you received the condo in the same year the estate wound up.Based on what you wrote, it seems most likely that your basis will be the value of the condo on the date your relative passed away.

The aggressive behavior started when I said I wouldn’t be paying for a repair for damage that the tenant had caused, and it’s almost like when the tenant recognized I wasn’t going to hand out discounts, they started feeling like a “victim” (their words).

This does assume that wage growth tracks with the inflation rate which may or may not happen.I recognize that inflation occurs differently for different groups of products and services/labor.  

The fear of making mistakes can indeed lead to analysis paralysis, but it's crucial to recognize that real estate investments are typically long-term endeavors.

Recognizing both places you can learn to be better and grow is huge.

Might be acceptable for some people, but it's amazing how many people you talk to don't seem to recognize that basic reality... one of them in particular being MBA grad from a top 10 business school in a pinch where to place her money after she and her partner refi'd their "equity" out at 4.5% with no existing plan. 

Do I recognize that it will take years if not decades to establish a portfolio while also taking the risk of going bankrupt along the way?

I promote starting at the local level, where you can perform an accurate CMA, recognize social/economic drivers, evaluate rental market, meet local players, ....  

The key to staying in the game, is to "know when to fold them", and to recognize that time ASAP.For this discussion, if it was me, I would sell immediately if not sooner, take the very limited loss, retain the money available for rehab, and use it on the next property. 

Your emphasis on the importance of thoroughly probing to ensure the PMC being interviewed has a true understanding of their operations is well taken.Creating an alignment of expectations requires recognizing that property management is generally a low-margin business.