The way the decisions are made, the alternatives not being clearly defined, the costs and benefits not accurately weighed.

Alternatively, only bid or make offers on properties where you can do your full due diligence.

Before selling, consider your alternatives, ie cash out refi, etc.

An alternative I thought of was buying a large amount of land and having a small building constructed and then sectioning it off using a smaller loan and then having more buildings added as I go.

Then hire management.The alternative to that would be to sell and 1031 into an area like Sarasota near you where growth is crazy and many good rental opportunities even east of 75 are filling up so quickly because of access to the water and places like Siesta Key. 

Thank you.Property details:- 3 unit building (2bdrm, 1bdrm, studio)- Rental Income (approx): $5,500/mo- Mortgage (approx): $7,500/moWe would choose to live in the 2bdrm, which would cut the rental income to ~$3,000 ($4,500 to cover the remainder of the mortgage)Alternatively, the single-family option:-We buy a single-family home and pay the mortgage of ~$4,500.

Thank you.Property details:- 3 unit building (2bdrm, 1bdrm, studio)- Rental Income (approx): $5,500/mo- Mortgage (approx): $7,500/moWe would choose to live in the 2bdrm, which would cut the rental income to ~$3,000 ($4,500 to cover the remainder of the mortgage)Alternatively, the single-family option:-We buy a single-family home and pay the mortgage of ~$4,500.

The management company has done nothing to collect the rent nor reached out to the tenant to make alternate arrangements.

I've heard of hard money lenders but I was looking for other alternatives that someone more experienced might know of. 

There are also nice alternatives- Buildium and Appfolio.