Initially, I didn't select this route because I'm not located in the central part of Austin, but I would like to give this a try since the room is fully furnished, but will require some bedding, artwork, and a desk.  

If it were me, I would probably list my original house for rent to gauge the interest before pulling the trigger on buying the second house you have selected. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Once you get her out, you will have to select a new tenant.

Or, just be more selective about the tenants you choose.

I'll select a PMS with the ability to have the widgets on my site

You have to be very selective, and you need a long-term outlook to make sense a building in Chicago.

The way you describe it, it seems like its more than just inexpensive material selections.  

I am already doing the marketing (placed bandit signs, launching FB ad next week, selected   databases to purchase the list of properties that fall under high equity, vacant and other criteria, to be skip traced and cold called  and etc.). 

If it is i am with @Greg Scott  if you have vetted the contractor and they are licensed for what you are doing and you checked references then let the PM know you have selected someone else.