I.e. if your speedometer is indicating 120MPH, if you are on the autobahn, you're probably OK, but if you're on a two lane highway heading into a small village, it is probably not OK.Same thing with ROE, you have to compare it with what else you could be doing with the equity.  

If you do collect the rent (delivered or otherwise) and they have any outstanding previous late fees, apply the payment first to all other charges, if your lease includes that wording.Then give notice and file for eviction for the shortage.At least that is my methodology, as in Texas a property manager can only represent a landlord in court for eviction on unpaid rent and holdover.

Is it possible to have an outstanding conventional mortgage and get an FHA loan for a multifamily (duplex or above)?

Borrowed money that must be paid back is NOT income and is not taxable as income.If you sell the property for more than the balance on the refinanced loan, then the outstanding loan balance will be repaid from the settlement proceeds.  

It has close access to highway exits, schools and many doctors .

The lightrail will continue to improve mobility and renter pools in areas that previously were limited due to traffic on the already congested highways around the metro. 

It is literally right on the highway.

If they are doing things to destroy your house, that kicks it up a notch on how your respond.What kind of repairs from the water damage is outstanding?

With a copy of his deployment orders also get contact info of his 'rear detachment' commander in the event he doesnot pay rent.Soldiers are required to pay their rent and other outstanding bills.

That's outstanding being able to save 70%+ of you annual income.