It's just not how successful people operate.

People, remember, what is equity?

Some people seem to get locked in to one place they find, or a place a friend or family member is selling without really evaluating the available market.In a small town in East Texas I would think your biggest risk is a big player coming to town that can absolutely crush a smaller player. 

Wake up people!

Have as many people you can trust give you some advise about your purchase.  

Meet people and network with them.

Do people have experience doing so and have they been successful?

Being clear about what you want to do from the start not only helps you stay on track, but it also makes it easier to spot problems or delays before they happen.I totally agree that talking to people is important.

So it may end up costing you $400k within 30-60 days without any financing options.How do people overcome this when you do your due diligence?

If the tenants are the issue, they can make it very difficult to show the property and this can create a lot of issues for you during this time.It will also prevent you from selling your home for maximum market value as only few people will want to deal with holdover tenants.