-The giant dog, obnoxiously/frantically jumping up onto the sliding glass door scratching vigorously at the handle, the whole time I was there, was a recent addition.  

You want to make sure the tenants know you will handle emergencies immediately and any other request promptly.I almost would suggest not to get a full service management company for the first year or 6 months as how will you know what level of service to expect. 

There are many investors that can handle homes of this age/vintage, but I don't recommend it for the inexperienced.  

So then the issue becomes, IF you do move out, are you ok with handling a negative cash flow?  

How do you handle the calls from the office?

The worst part is the vultures you will come across, I believe in handling business the old fashion way were a man stands by his word in this business you will see people who will sell there soul for a dollar.

I'm looking to see if anyone has any tips on how to handle a mortgage that is greater than what rent comps are in the area?

A short sale should not take more than 60 days and can be don in as little as 30 days, all you have to do is constantly follow up call the bank 3 times a week. but if you are not handling it your self as an agent  then you are at the whim of some one else who is handling it.

Roby knows his business and handles his business.  

My wife left the business about 10 years ago ( she handled the management side. ) We had bank loans on our homes.