If we hang onto it - the worth should keep rising.

After seeing the property in person (only from the outside) peeking through the first floor windows you can clearly see water damage on the walls, ceilings even the fan that was installed is nearly hanging.

Either way never put all your eggs in one basket and certainly move on as others have recommended.

For all of these reasons we decided to sell the property rather than hang onto it.

Potentially you could farm out everything I am doing by having a solid management company that has solid maintenance people, BUT, for me I find that the stuff I am doing is usually the low hanging fruit(easy money) that gives me the ability to keep a tight control on expenses, while still having relatively free schedule most of the time.Hope this helps!

Yes they do, look into it.Not sure what your unit mix is but Panama CIty appears to have some respectable numbers via aidrna, look at the numbers from 25th% to 90th% to see your best and worst case scenarios...Additionally you also have super high occupancy rate so for the interest of being ultra conservative, run your occupancy at 50-60% and see where that puts you with respect to the average daily rate...again factor in low and high seasons and then do the research upfront (before you buy) to be the best by studying the best a.k.a (top properties) and see where the opportunities are to not only hang with them but surpass them...at the end it's business not personal ;) 

IKEA might be ok for silverware, pretty pictures you hang on walls, and other things that don’t get heavy use. 

This is low hanging fruit since the majority are not done correctly. 

Yes, you can hang your license on anyone's wall along with dozens or hundreds of others and hope you will learn or.....

Depreciation schedules are low-hanging fruit because so many are not done correctly.