The closing costs would be 19k with 5k in prepaids, with 14k in closing costs including broker fees.

For property owners with out-of-state investments, is it necessary to keep all receipts and invoices for write-offs during tax season, even smaller jobs performed by the PM's handyman?

For example, in Florida, there's no cap on how much HOA fees can increase annually.

There are also tax issues. 

@Heather Carrow when you say hard money loan, are you more referring to just a private loan in general, or specifically a short-term/bridge loan (i.e 6-18 months) that is used either for the purchase + rehab or the home, or just the purchase of the home (but on a tight time frame) with an interest rate of around 9%-11% and 1-3% in origination fee?

After taxes I am ending up with roughly ~$6m.

If you haven't already, you should be receiving your property taxes soon. 

As long as you have positive cash flow on debt that is tax advantaged you are not over leveraged.

We have a property in costal NC and selling is just a death trap of taxes.

With you, and not leading with taxes!