My wife convinced me to sell it & one of her patients decided to buy it IF we held the note.

I have personally not had any luck with direct mail, but maybe I just wasn't patient enough.

Plus, that's what they specialize in, so you have a bit of a safety net in that you're not jimmy-rigging a deal together with an individual investor. 

We could also use advice about safety and neighborhoods, as we will be moving with a baby.

Time and expense  substantially higher than planned.Plumbing, electrical, bathroom floor replacement, safety code updates, repair/replace rotten wood, etc.  

Here’s my embarrassing attempt at doing the calculations:- horrible condition, so $40K in repairs- I want 30% equity position for safety cushion, so subtract $68K from $227K- Realtor 6%, Title fee 1%, Buyers closing cost 3%.  

Poor transit, very aged downtown property, second and third floor fire-safety concerns, etc.

My thinking was that was a market that didn't move much in any direction so there was relative safety there. 

That was our biggest challenge was being patient and knowing it would pay off in the long run.

These number really come up to what the property is like and if you feel you need the safety buffer(definitely not a bad idea).