So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

The most important thing is to ensure your loan is covered in the event of a loss.  

One way we fight this is with photo verification pre-lease signing and not approving renters who don't view the place in person, our credit underwriting software also flags apps that have a high likelihood of fraud.

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

Exactly the reason to have an Architect on your team to join in on these conversations ESPECIALLY in existing renovations in older homes.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The challenges experienced in the cases mentioned above and elsewhere would be non-existent.

I have friends in Alabama who are brokers and investors and they tell me it's a no brainer to get your license for the access and real-time info it gives you... but just want to cover the bases for Georgia in case it's different over here.

How much do they want you to to pay, to pay off one of the mortgages (or both of their existing mortgages)? 

If they notice you have another house and your debt to income can't cover it.