The other $10k would be a return of your basis (similar to how you can't deduct principle payments on your mortgage, you don't have to recognize principle payments as income when you're on the receiving end of things).  

If there is a turnover every 2 years and the fee is 100% of 1 month that is a little more than 4% for that on a monthly basis. 

Once you get those 4 done then you keep assessing on a tenant-by-tenant basis, based on their payments, who needs to go and who would be good to keep.

On the one hand, as long as we aren't significantly losing money on a month to month basis I feel it best to maintain the property purely from an appreciation standpoint (strong location close to the a large medical center) with an dramatic increase in housing.  

The outstanding balance is $396,000 that is accruing interest of 9.75% on a daily basis as it is in default.

This is coming from a Senior Asset Manager for a MAJOR mortgage company (Over 20 Billion dollars in assets in just mortgages) that has foreclosures come across his desk every day all day for locations all across the US.

finding the tenants." this is an agent/PM function that is usually done of the basis of rent. ie. you place the tenant in unit 1 and get paid one months of rent. 

Have a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog 4.

Bookings are rolling in right  now for spring and summer every day.

At that point, I feel like I could potentially LOSE money on a monthly basis.