I finally figured out what happened....Our wonderful Gov Charlie Crist has a great idea to cut our property taxes and try to get the local governments to cut the fat and run efficiently.

Thank you for the link.I think now may be a time to tread cautiously and only swing at the really "fat pitches".  

#1  cash out at peak of the market... buy/hold forever is not a good strategy (at least not for some properties)#2  cut out the fat (poorly performing properties or properties with very low appreciation potential)#3  Get cash heavy to invest in other areas and other markets (switching markets, leaving texas and focusing on atlanta).  

The property is among 20 plus other 4 plex buildings, kind of like a town house community.The problem is that the price is high and there is a really fat HOA fee for the building that I can't get out of, making the numbers tight. 

I think that there is definitely enough fat in this deal to make it work even if mistakes are made.

I also would have the most incentive on performance with the current tenants if the tenants are worth keeping.You do not want the property manager motivated to turn units for fat checks and make almost nothing off keeping a good tenant.

If you can garnish wages, then it is worth it, If they are on a government program, you probably can't collect, but you may be able to effect their entitlement check by forgiving the debt and sending them a big fat 1099!

I believe the answer would be a big fat NO.  

I'd rather buy, fix, lease, refi (fat all your money back or more.

Don't go into anything thinking it's a slam dunk, while it sounds good, nothing is over til the fat judge sings.