This is our first multifamily project and we have aligned ourselves with the talent and knowledge to help bring this to life. 

I work mostly with relocation and higher-end clients and consumers think a super hot market is good for agents.

What’s the current loan balance and terms with the hard money lender?

Total work is less than $10,000.

Some tenants had water bill, gas bill, non payment, etc of up to $5000 in balances.

I work with investors from California all the time that are able to find good cash flow in a growing market where the appreciation is obvious.I agree with @Jason Wray that many of the investors I talk with from the West Coast find that the markets in the sunshine belt work far better for their investments. 

I feel like there’s a balance between being decisive and being reckless, and I’d love to hear how you guys approach this.

If have investment property, we are looking for relatively updated units (we are ok doing some work ourselves), class C+/B tenants, with rents either close to market rate or that can be increased.

My residential is long term so I can't speak to MTR, but I can say it's the slowest market I've ever seen in my life right now.

Those who need to sell because of life circumstances.