There are much smaller homes in worse parts of town renting for $1600+ currently.There is not a cap on how much I can raise rent here in SW Missouri, and my thought process was to keep the rent a few hundred dollars under the market rate so that if they decided to look around, they’d realize they can’t find anything comparable with the new increased price and stay anyways.

Seems like a risky plan and if there is that much upside on the rent why not just adjust the rent yourself (doesn't need to be immediately if you're that afraid of losing tenants, just do it a little more tactfully, maybe make some small improvements or give them some more time to make it more agreeable) and keep the property?

Your only hope to keep organized with a password app that is secure.  

Because I have been an active Realtor for so long, I do have a bit of an advantage with knowledge and relationships with flippers..but I will be spending my time finding ways to keep my money moving and that time might be able to have a higher ROI if I keep doing what I already know. 

It's very difficult to keep up with the changing laws and this is why I'm an avid member of NARPM and I wish every PM was.

Fingers crossed that it closes soon and keep my losses a little lower.

Hi Leo- Keep in mind you are not performing an eviction here.

I put 25% down, and at that time we were thinking to keep this as a vacation home where we plan to retire eventually.

I will keep that in mind ;) 

I now have a ten-page agreement and it keeps me out of a lot of hot water.