Now property manager is telling me to move on and not bother going after the tenant for the lost rent since the tenant might start complaining (faking a cough or health issue, etc) about the mold issue from months prior.

Joining to get educated before getting my feet wet.  

Try to find a good mentor who will help you along the way as you are getting your feet wet.

At this point I am not sure if I should hold out a little longer and see what happens or cough up $5K to a sellers agent for representation.  

Last November, very late at night, a tenant of mine broke the toilet inlet pipe, causing a flood that led to about 500 square feet of laminate flooring getting wet. 

Wet basements from damaged plumbing might be dry once plumbing is corrected; but wet basements due to other factors tend to get wet again unless the source of the water infiltration is addressed. 

It's a great experience that I recommend to anyone trying to get their feet wet in the business.  

It was certainly a better use of my money than plopping it into some turnkey stuff out of state, and it was nice because I got my feet wet when it came to marketing and negotiating with a distressed seller.

Yes they are $99 but if you are starting out at least for now its safe bet til you get your feet wet. 

We prefer to start with one 4 plex to get our feet wet.