We live in the SF Bay Area but my wife has ties to Toledo/Northwest Ohio.  

., considering you are in a C class neighborhood and your hands are tied with regulations why not go section 8. 

Your passion for the STR will directly tie back to the experience you provide your guests, which will dictate your reviews which will end up dictating your occupancy rate which will lead to your true revenue.  

Every deal is different and they may have Title ties which would need to be broken up. 

Yes, it tied up cash that I could now use more effectively.

The tenant left a pit bull tied to the front porch, the place was trashed to the point that I couldn't walk through it without throwing up.

Your biggest "issue" is that you have $150k tied up in a house that even with your numbers only nets you $500/month.

While rent isn't all that much cheaper, I don't have to tie up a huge chunk of change as a down payment, and thus have been purchasing property out of state like it's going out of style.

I’m not a big fan of just sitting out, however I do believe at some point we could see stronger returns.

@Michael Sontheimer if he can't show a contract tied to his lease that proves he has the right to do it, then he doesn't.