About a third end up modifying (and the more skin we get in on a trial payment plan or modification, the higher the success rate) and the rest end up giving the property back because they've already moved on.  

I guess it all depends on your threshold for pain - if you could really talk to this guy and work things out , then it may be salvagable    - perhaps he just got though dealing with some major life issues and took it out on you - just remember - this guy is living in your property and you have to keep dealing with him on a regular basis - the property management industry can be better defined as a "people management" industry - so it may be good to learn how to deal with these type of situations so that you can get a thick skin  - personally , having dealt with problem tenants and with ideal tenants - I would choose the temporary loss of replacing a bad tenant with a good one any day of the week, cause there is really no way to quantify the piece of mind that comes with having and excellent tenant vs the anxiety of dealing with someone unstable

But the vast majority of those that immediately meet me and beg me to coach them or to be a student, I say, NO to.Just this week 3 people asked me, but I told them, show up, network, prove your dedication to this, then maybe after we will discuss a coach/student relationship.That ADHD is also why I don't take on INTERNS> Most just waste my time.Yes, we all are ok with Banks, etc requiring Skin in the game, but you want me to give my time freely to someone.

A fix n flip or hard money loan will require between 10-20% down or maybe some combination of seller carry back and your own skin in the game up to 25% in the deal.

Plan for at least a 12 month hold but work like crazy to rehab and sell the house in 4 months.All Lenders, no matter if they're private or institutional, will want you to have some skin in the game. 

If you can't fit into their "box" then perhaps look at a private lender and use your properties as secondary collateral (ie: your skin for the game). 

I am currently making a checklist for services offered by each accountant; however, like everything in this world there are a million ways to skin the cat.

There's more than one way to skin a cat."

Your $3 to $5K down payment does not equate to 10% down and most sellers would be more comfortable with more skin in the game on your part.

This is going to be a very blunt "Come to Jesus" post, if your skin is feeling thin today then please stop reading here.