And then you can use that information to start to develop your own personal due diligence method: Crowdstreet.com, 1031 Crowdfunding, Akr7, Finresi etc.

Until you see the property in person the numbers are completely meaningless unless you have a working relationship with that listing broker for years.

Little did I know it would take decades to ripen :)3. bought a foreclosure sale .. traded the house for the 3 acres the person who owned the house. 

Given the details you provided, I personally might not want to settle this in mediation with this tenant however as I'd probably just want a judge to cut through the BS and tell them to pay up and get out at this point.

I've seen landlords live in blissful ignorance for 5-10 years due to dumb luck, then their world comes crashing down and they lose everything.I have a book, there are some in the BP bookstore, or you can check out one of my personal favorites, Every Landlord's Legal Guide by NOLO.

@Jill KellerI personally owned and managed several rental properties, mainly one family, 3-families and been advised by a number of attorneys through the years to forget doing LLC's.

I don't know a single person affected by tornado in Dallas while we have had them and I have seen the destruction.   

It’s ran like a business, not a personal investment.Given the heavy workload I have being the CEO/founder of the wealth management company, my wife has set up a well oiled machine on the property management side, due to her perfectionist drive however, it still means that she's constantly dealing with tenants and toilets and replying to items at all hours of the day and night.

Her leaving was bittersweet, as it was for a great personal opportunity for her.I’d love advice from you seasoned landlords:Should I lower the requirements in light of the area’s circumstances, or wait it out?

This exact strategy could change that person's entire future!