Gene

@Gene D.

Thank you for the link.I think now may be a time to tread cautiously and only swing at the really "fat pitches".  

#1  cash out at peak of the market... buy/hold forever is not a good strategy (at least not for some properties)#2  cut out the fat (poorly performing properties or properties with very low appreciation potential)#3  Get cash heavy to invest in other areas and other markets (switching markets, leaving texas and focusing on atlanta).  

Gene

The property is among 20 plus other 4 plex buildings, kind of like a town house community.The problem is that the price is high and there is a really fat HOA fee for the building that I can't get out of, making the numbers tight. 

If there were an area of the country where I would pay strict attention to what was deemed prudent, acceptable and conventional practice, it would be an area crawling with attorneys and federal regulators, like VA, DC, and MD.I realize that not everyone is born with empathetic genes or thinking and that many think business is all about screwing the other guy to get ahead, so I don't get upset anymore, it's just a lack of understanding of fair dealing and accepted business practices.The thinking is much like eating an elephant, you do so one bite at a time.

I think that there is definitely enough fat in this deal to make it work even if mistakes are made.

I also would have the most incentive on performance with the current tenants if the tenants are worth keeping.You do not want the property manager motivated to turn units for fat checks and make almost nothing off keeping a good tenant.

If you can garnish wages, then it is worth it, If they are on a government program, you probably can't collect, but you may be able to effect their entitlement check by forgiving the debt and sending them a big fat 1099!