Enjoy your plane rides and hotel stays.

@John Chapman  I am with John on this one.Texas is the last place I would look for vanilla cash flow rentals.tax's  foundation issues.. hail wind etc etcUnless you think there is a great chance at upward movement in values to compensate then I really don't get the idea of investing in that state unless you live in that state and enjoy Zero state income tax to offset the other high cost of ownership there. 

That one should never be a surprise unless you had a big hail storm.

I have been riding around JAX in the northside, west side and soon Arlington area to find what seems to be vacant houses and getting a picture with address.

They knew all along it was a loser but just went along for the ride, etc....In retrospect, they may even remember all the winners as really their great ideas (they gave the "green light" after all; the losers were really your ideas, etc).  

If something like a plumbing leak or roof leak happens, he might just ride it out while it causes major damage to your property.  

Or if you find a flipper you can trust and are more interested in learning on this first deal than making money (which is also a decent strategy), then bring them in to look at the property under the condition that if they buy it you get to "ride shotgun" on the deal all the way through to learn, and they may or may not toss you a small "bird dog" fee for turning them onto the deal.One other option, if you can get it for that (or a bit more, say around $400k) and finance it under a traditional loan, could you comfortably afford the mortgage payments?

I think rates and max cash out LTV will continue to be a moving target as we ride out of all this market uncertainty.

Bummed to hear it sounds like you've been taken for a bit of a ride.

If they don't get it when you reset their expectations, you just need to ride it out until their lease is up, then decline to renew.Good luck!