Even though Jersey is a small state it's very diverse.

There is a diversity of industry, and we continue to see a lot of coastal clients coming in that believe Denver is a relatively cheap place with amazing quality of life. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The initial investment will be more involved.  

All of this anecdotal information tells me you are way to close and personally involved in this situation.

You came to a good place to get a diverse group of usually good opinions.I agree with the people that say $2000/month loss is just too much to gamble on growth. 

There's a word for that.With any lease involving more than one signer, include the words "jointly and severally" in your lease, along with a plain-language explanation of what the terms mean:  even if your co-tenant moves out, doesn't pay, causes damages, incurs violations or fines, etc, you are BOTH responsible.

@Trevor S Foster I would NOT proceed any further until you get a knowledgeable party involved in the transaction to sort things out.

If you ask very specific factual questions that don't involve any protected classes (which includes felonies) we can answer.

Plus if it was local I feel I would be far more involved than I want to be with repairs and upkeep.