If you choose to manage the home yourself, make sure and educate yourself so you are prepared to handle your investment and tenants in the situations listed above.

Also, for the purpose of general education, would you mind sharing how you got into this situation?

This is by far the best site for real estate investing education, and if you read some other posts, entertainment.

So I thought how about the education market - universities - not college students but rather graduate and professional students (e.g. medical students who spend 4 years in one place).Targeted tenants.   

However you should educate yourself as well.

(Washington doesn't have a state income tax).Given that your return was simple(only ownership in one rental property) - hopefully the damage from the accountant wasn't too bad.There are also education credits(refundable and non-refundable) that you may have been entitled to.

I'd suggest renting out the basement, but seeing that you're likely in Florida, basements aren't typically available.I used to rent out rooms in my house, and it worked out fine and decreased my PITI mortgage by half.

Where in the US would be a good place to find 2-4 family rentals that will cashflow and aren't in a hyper competitive market?

As a current college student, I obviously have little cash available to me at this time but have been dedicating my free time to reading and listening to podcasts on the topic in order to educate myself.

If they aren't living up to your expectations then you should move on.