It wasn’t a perfect scenario, but it allowed him to walk away without losing his shirt.

It's a simple and free tool that everybody uses, and that is at least a backup in case something happens - you lose your hard files, there's a fire, or some file nerd breaks in and steals your documents. 

And on top of that, I’d be paying rent or a mortgage somewhere else.I understand real estate is a long-term investment and that appreciation and equity plays a role, but losing money month after month, even post-move-out, is hard to justify.

Once you’ve got some experience and equity built up, you can more confidently move into multifamily properties when the right one comes along.That said, if your goal is to scale into multifamily, don't lose sight of that.

In Florida they tenant loses their deposit and has to pay double rents.

So when you utilize a cash out refinance I am assuming you will lose the initial terms of your current mortgage? 

However, as an investor, I’m concerned about falling values and losing equity.

Even when it seems like 48 hours won’t matter, you could lose out to someone who gets there first.

If you do these things right, you won't lose much on turnovers.

Odds are you will lose your EMD if you back out, which may be a better option than sticking with this deal (depending on the amount and how it impacts you financially.)