Reliable property management is everything, especially as out-of-state investors.

I am actually under contract on a property in Columbus, OH and weighing the pros and cons of self-managing vs. property PM because I cannot seem to find a PM that seems reliable and worth the costs.

I remember when I first got started, I thought reading books and analyzing deals was enough.. but once you start making offers and managing properties, that’s when the real learning kicks in.

We will be keeping all of the 3 properties and self managing. 

Try interviewing at least three managers.1.

That 500/m loss does not include reassessed property taxes, vacancy, property management, maintenance and reserves  - so it will be an even bigger loss.A tax professional can assist you with your tax strategy and then you can work from there to identify the strategy to deploy. 

Quote from @Ram Ranga: Check the above toolbar, 4 in it shows property managers, this will get you a few and you can request their information.  

Any renovations or upgrades may impact depreciation schedules, and a cost segregation study could help accelerate deductions.

Easy to get, low cost out-of-pocket and some cases could easily make as much or close to as much as a teacher that takes years to learn, a truck driver, etc.. 

@Javier Esquivel holding or selling would depend on what the property would rent for, what type of debt can be placed on the property and at what cost..Let's look at the numbers.value $117K75% ARV $87,500(Assuming this is lenders LTVRepairs $35Kall in after purchase is $68K(Depending on closing costs etc...)If the property would rent for a minimum $1400 I would hold as the property will cash flow and I would have the ability to take out all of my initial investment after lenders seasoning period.Delay finance at $75K @ 6% 30Yr Am P/I($500)\cash flow $200 per month at 50% expense ratioyou'll have $0 money into the deal with cash flow and around $42K in equity.This would be a no brainer hold for me.All the best!