This  provides less risk but also allows me to take advantage of the 30% market drop we have just witnessed.

aka accuse you of stealing something when you go?

Monthly mortgage payment wit taxes, insurance, principal, and interest is $433.17 and house has been rented for $1,100 per month since January 2018.

We're at our wits end with what to do, except threaten to take him to small claims court.

If not, you might want to learn what damage they are accused of causing assuming they have a deposit in the current rental.

We witnessed loan structures at 80%-90% LTP and 100% of the rehab.

Make no mistake many full time real estate investors are facing the prospect of losing their income just the same as the bartender down the street, yet no one on this thread is accusing them of irresponsible financial decisions. 

The first time syndicators purchasing in PHX circa 2018-2019 are in the witness protection program and I wouldn't expect a call back anytime soon.I'm sorry to be the bearer of bad news but if you invested in a PHX multifamily purchased in 2018-2019 then you are probably in for long and bumpy ride.

The hope was we would see some settling down, but being a resident of New York that is far from what we are witnessing. 

@Keith W. It's