If you're in LA and looking to cut down on your overhead, you should consider leaving your firm and getting an entry-level sales associate position at Matthews.  

Not everyone is cut out for it and not everyone will make it.

Cut all expenses, don't eat out, get a raise at work, get rid of fancy cars, borrow against a retirement account, look for private money.

Try to cut expenses to increase the amount of cash flow you keep3.  

I assume with a SFR the tenant (or HOA) will cut the grass, pay for garbage things like that, in my area I always plan on paying water in sewer as these can create liens directly against the property but you may have the tenant pay that. 

@Sam LiuYeap, that is exactly what I concluded 10 years ago - low return and a waste of time....Glad I was gutty enough to cut loss right away and came back to CA, and had more than recovered all the OOS loss...

Do not cut any corners to make something look better on paper but not in reality.  

It is a pain to find a CPA or someone that is confident in dealing with Servicemember's finances when they are not normally the cut and paste LES.

2) Will there be a problem getting rid of this home if want to, is there a standard percentage cut in home value that makes sense for this situation?

For many landlords the credit score of 600 would be the cut off for acceptance; however, much of this would depend on the type of neighborhood your property is in.