We have been a bit spooked with what some PM companies are offering; the 1st month free, 24/7 maintenance coordination, home buying assistance, credit building, rewards program, etc., etc.!

Reward here...my time is worth a lot and I'm sure yours is too...its gonna cost you more than the time it takes to make a phone call...I'm not saying I'm a hands off property manager...but I do it efficiently and I do my due diligence when screening and purchasing...this problem could have been solved before the property was even purchased...But you could get a gun and lower yourself to his level if you want...

The tenant is being rewarded for bad behavior. 

A good to great investor perceives the risk reward ratio MORE ACCURATELY than does the general investing public - meaning the majority of investors in that particular market.  

However, I understand my circumstance isn't favorable, but possibilities are endless, as well as creativity is rewarded, from my past experience in business.Its not as if I wasn't previously employed. 

So you need CASH and you need to be able to do your own title reports and prep your own deeds  because many times your taking title the day before the sale and having a Courier take your cashiers check to the foreclosure trustee to bring it current or pay it off.. its a big risk play  no title insurance  but that my friend is where the big scores are made RISK=Reward until it became illegal in our state  of OR WA and CA.

It can be rewarding to provide decent housing in a space where it is rare but it is very, very hard work.

They're certainly is a risk/reward balance to sub to, make sure you understand the process from start to finish. 

I hope your GC mentioned that even before you rehab the house.In Northen CA I can do much more liberal/aggressive when flip or repair the house and the reward is much more.

The decisions to whether to purchase a property subject to is a risk vs reward decision with a good dose of personal risk aversion included.