I suggest, if you must do something with this property from some emotional attachment that you buy it and hold it, allow equity, real equity to accumulate, enjoy the cash flow, turn it over to a PM if you don't want to LL and sell it years down the road.

That said, I still believe it's important to have some positive cash flow on any property to cover expenses and help you emotionally accept some of the hassles. 

Don't let your emotions get the better of you.When buying in a competitive market, remember you can add an escalation clause that your offer increases by a certain amount (say $1K) up to a max of $Y. 

Don't get caught up in the emotion of "highest and best" Establish your goals and bid accordingly.  

Thankfully the judge excluded the emotion from a constitutional lawsuit)Of note- see pg 8: "Moreover, Jenkins' interest in protecting her son from lead-poisoning is inconsistent with the lead-paint ordinance as written, as the ordinance does not apply to all rental properties in Toledo."

The judges get annoyed when you start trying to argue with emotions. 

I fell into real estate in 2007 when I realized that my then-fiance owned two empty homes in the greater Los Angeles area (Pasadena and LaVerne), and he did not have the emotional energy to empty them (difficult family situation; deceased parents), so they just sat there, in gross disrepair.

Most FSBO sellers are bad negotiators, and distressed sellers are in so much emotional pain that they cannot think straight.

No time for emotions because he was the one to sell you your last house and no time to see houses your agent wants to show you.

Try to come with with a list of people who are in an emotional situation: probate, eviction, backed taxes, pre foreclosure, code violations.