I'll share for myself real quick - Mine is fairly straightforward - all long term rentals, filing single. 

I have heard of someone who would accidently have a pizza delivered to the wrong address which just happened to be the address of a property being foreclosed on so when the door was opened they could see a quick glance of the interior.

The quick sale reflected the high demand generated by the improvements and the strategic pricing.

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option.

Know your market cap rate and you can quickly determine whether property is worth a closer look. 

A good PM is efficient with solid policies in place that enable them to act quickly and prevent things from getting out of hand.Legal Compliance & Risk Management: A good PM knows the law and protects you by obeying it.

We are in a safe community, so tenants can choose to leave the door unlocked or hide a key under the mat.

We agreed it was a great deal and easy to bring to the rental market quickly.

It's not easy to admit mistakes.I think you should start by eliminating the get-rich-quick mindset.

Another factor is we both work full time jobs so it’s difficult for us to scale as quickly as we would like to but if we can take these early profits that would change things.