Networking also plays a vital role; connecting with other investors, real estate agents, and industry experts can provide valuable insights and open doors to new opportunities.

Point is that you can treat all parties fairly, but there could be some seller’s remorse especially if you do a good job at increasing the value.  

Landlords must follow the proper legal eviction process, even if the tenant is no longer paying rent or utilities.Since your "friend" has already initiated the eviction process and is waiting for the sheriff to remove the tenant, it's important to let that process play out legally.

We’ll see in 24 mo if my strategy plays out.

Both GC's work on distressed properties so are hedging playing it safe as I just asked them for budgetary numbers to help determine if I should do this deal or not.I do have 10%+ in cash reserves already.

I have mixed feelings about this as I am of the opinion the government is generally not the best at administering things in the free market, however I have seen first hand some slum lording of STR's and unsafe practices.I think for now if you are in those TX markets you will have to play ball but I think they will keep pushing new rules on you until people push back.

If there was some big play to happen with that program asset class and tenants. 

Personally, my philosophy is I am fair but firm.Regarding turnover times. 

Fair points. 

Which is fair everyone does.