The dilemma I've encountered is the large cash position I currently have in the property, roughly $3mm (acquisition + renovation costs) paired with the looming recession.

There is no way with proper expense allocation (especially maintenance/cap expense allocation) that this will produce anywhere near $400/month positive cash flow.Analyze the appreciation outlook. 

We decided to publicly list his house and properly market the property through various channels like the MLS, social media, my personal network of agents and investors, and a few other online platforms.

It can be a great gig, if you have the proper strategy.

@Jean Santiago It sounds like you are taking all the right steps to properly and successfully invest on a property soon.

This gives Landlord's more confidence that they are handling things properly. 

If so, since my contractors provided invoices to me with repairs and capital expenditures alike, how do I determine the proper dollar figure to count as repairs?

If someone paid even $300 before they got the lease, they're a lot less likely to vanish on you.Of course, do your due diligence to properly word it so you retain the deposit/they forfeit it if they do disappear on you or change their mind.

Not an expert on this topic but the best success stories I've seen involved situations where the underlying business was done by a separate entity/experts who knew how to properly run the business. 

@Michele Redd I think yes, a good broker in the area will help you properly position it.