But reality is I'm paying 100s more in taxes each year, so I've got to raise the rent to $700.

Looking at all the options on Zillow Rentals it seems like there's a lot of places falling apart and landlords want their tenants to pay for everything (no washer/dryer included, lawn care not included, first $100 of any maintenance requests, etc).   

These days what you would pay a plumber isn't that much different than you would pay a project manager.

If you make this a balloon payment in say 5 years, you've helped your cashflow, and you can refinance to pay out the balance of the 2nd mtg.I do have to ask though - you seem quite emotionally invested at this point - what are average house prices in this neighbourhood?

You could refer the person to the state attorneys office because they knowingly had no intention of paying rent (or security) in that case.You may want to stay away from credit card payments since there can be a dispute by the renter for up to 6 months. 

I checked the lease created through Zillow that does not show up any option for reletting but what I am aware (done it few times when one of my other property was managed by a property manager) is tenant could pay reletting fees (typically one month rental) that allows property to be re-listed.

Additionally, Fayetteville's strategic initiatives to enhance local infrastructure and public services foster a supportive environment for both residential living and business operations, making it a highly attractive market for real estate investors.Let's dive deeper into this market together.Fayetteville, nestled in North Carolina, boasts a flourishing housing market propelled by its affordability, community charm, and strategic location.

I agree with paying attention to the DB but sometimes you will have limited options.

If you are skimping on the buy, you will have a property that needs a lot of maintenance and it's clear you don't want to pay for it.

@Kelvin HeSome things to consider:Transfer Taxes: Some jurisdictions impose transfer taxes when property ownership changes, even if it's to an LLC you own.Due-on-Sale Clause: Check your current mortgage agreement for a due-on-sale clause, which might require you to pay off the mortgage if the property is transferred to an LLC.