My point is that STRs could be profitable enough to easily justify PM fees and therefore be a more passive RE investment option.Just another thing to consider.Just to complete the picture on the units we use a PM, our 3rd unit with a professional PM is OOS (Alabama). 

Either way, congratulations on the purchase and for taking the risk in the first place but you need to get a safer more conventional property loan in my professional opinion to give you better chances in keeping this property especially if you have a long term rental income plan for it. 

Find a professional.

I'll have to bookmark this page to get back to a few of the professionals here when I need help on our multifamily acquisitions in Texas this year.I don't have any referrals in the space you're looking for but in general, when searching, you can also just punch in "YOUR CITY or AREA" plus "ATTORNEY" into the search window above and check out a few bios and people's past endorsements to zero in on someone that fits your ticket.

Talk to a professional before moving forward with this strategy. 

I prefer tax or county foreclosures because it’s usually the senior most lien except federal liens.Obviously foreclosures carry higher risks, therefore may offer higher returns.

I enjoy meeting real estate investors and learning more about their interests and professionals goals.Vedran

Otherwise, savvy "professional tenants" will wait until you file a dispossessory suit on them, and then make a tiny token payment.

I would like to use my past real estate experience along with my degree to build a family real estate investment business to enable my husband to leave his current job to work along with me and pass along to my son one day.I am a big fan of forums and of networking so I look forward to meeting so many of you online and maybe even get the opportunity to FaceTime or Skype to share professional experiences.I enjoy helping others so if there may be any questions that I can answer for you especially in the area of property management which is a strength of mine, please don't hesitate to ask.

I will say the new Hostfully folks are way more professional and committed then the previous Orbirental owner.