You could still capture 100% of your initial investment back if it appraises correctly.

Even if they decide to keep it and rent it out, they need to verify the mortgage company will tell them how to transfer the docs and mailing address, along with allowing them to continue to pay or assume any finances.

STOP using your initials on the letter lockboxes.

Otherwise, make sure the property is in a good location and you spend some money/time to really clean it up initially and find good tenants, being 1 hr away isn't too bad. 

I first however verify income requirements and conduct a throughal phone screening.

I don’t remember what all the initial numbers were anymore, but I’m pretty sure it cashflowed about $24 after refinancing, and after accounting for the 50% rule.

Somehow an investment group has spotted the above deal and, I suspect they don't know the 203k or out of pocket part, they've started sending me initial approach snail mail to use them as a lender. 

Initial plan was to rehab and flip the property before the end of 2018.  

And the initial conversations have been about forming legal entities and legal documents, to include exit strategies and agreements with each partner.

Because of our familiarity with Florida, investing here and initially hiring property management isn't a bad idea either.