Thanks for your replies.Bob P- you said "You will become involved in a lawsuit if you proceed"  How do you think that would play out?

Sure, they play pot odds and ensure they only take on good cases.So... it depends on your W-2 hours spent... and your tolerance for pain (risk).

The appreciation play is just hard to come by in the SW part of AR. 

Playing with some DTI calculators I’ll be hovering around 50%.

For me, if I had $1M I would go the appreciation play and look to buy a property in an A area that will appreciate over the next decade.

We do not suspect foul play because apparently that tenant's relatives have reported to the remaining tenants that the MIA tenant has moved in with another relative (but did not give that MIA tenant's new contact information). 

I work / live / play in the PHX metro area, so you've picked a great market I'm very familiar with. 

Is this playing with fire? 

You may need to play around with how you word your request, so you won't get charged for an excessive amount of pages. 

At the end of the year, if I am over that average I take out all but 90% percent (I keep playing with this number to make sure I keep enough at the beginning of the year, but not have too much at the end of the year).