There are reasons for everything, some are rational or based on numbers and figures, but some are based on emotion and what helps someone sleep at night. 

So my mind is rationalizing paying off the property since I’m having a hard time finding cash flowing properties that fit my risk tolerance at the moment.

@Memi LeeThe security deposits should have transferred upon purchase along with rent pro rations.

The latter makes more sense, but these rules aren't always rational. :-) Let's say I purchased a property on November 15.

Here were my red flags that I rationalized because coming out of pocket would have dipped into my family’s already tight budget:They had an eviction on their record that they did not disclose when asked on the application.

I do understand there is big potential for appreciation if there is nothing to disrupt this steadily growing market trend.Question: should I join those crazy crowd, or be rational and sit back to wait the right time to come (maybe foreclosure time will come in 6-12 months?). 

You seem to want to invest in Austin come hell or high water and you rationalize saying investing for appreciation is not bad......right?  

Thank you, and as usual, you give reasonable and very rational advice.

Even when you have incentives aligned where a rational person would work hard presented the opportunity there are many that squander the opportunity or have other issues, drugs, etc. that you can't fix no matter how hard you try.

They are being rational not lazy.