Are there any new opportunities or pitfalls to be aware of?

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

But even if they do, the tenant could still argue that I am the one who borrowed money to finance the real estate so i am commingled.

Yes, it's BP buzzword bingo -- but also a real deal. 

So, instead of dreading the lost rent (opportunity cost) of the vacancy focus on the opportunity the vacancy provides. 

Huge red flag.Comparison of Real Estate vs.

I'm a newbie investor excited to jump into the real estate game.

I’ve watched multiple episodes on YouTube and I’m excited to join and learn about real estate, retirement and money management. 

That sounds like an interesting opportunity.

Your tenant is under some distress and you have the opportunity to deal with this situation in a kind way.