@Dave Tasset I haven't personally invested with this company but have heard good things about then. 7e Investments, Chris posts frequently on BP.

I personally hate them and think they are little more dust magnets but will add some if crucial. :) 

Personally I prefer homes around that median price because that's where the most demand will be not only for owner occupants but renters as well.

“ cash flow returns” almost always compare horribly to a simple bank CD after you deduct for insurance, prop taxes< vacancy, capex, prop management (or your personal time.) etc etc etc. 

We used $100k of private money and the rest was personal cash.

I also use their virtual credit cards which enables me to assign a card to a specific person, like the cleaner for my STR for example, so when she runs a charge, it automatically drops into the right account in terms of categorizing my expenses.

I personally know the person that owns the property and am close friends with him.

this is only a good idea if you have reason to believe that the area will be appreciating quickly, which is called speculation and akin to gambling not investing. me personally, I would rather put my money on black than bank on market appreciation. negative cash flow rentals are a time suck and money suck.

I don't have a solution but I think a real estate attorney or a title attorney would be a good person to talk to.

I will caution you that if they pull something like this and you immediately start offering any concessions as is repeatedly addressed above - this type of personality will make note of that and the threats will be ongoing for the duration of their tenancy.