In our multifamily ventures, we’ve noticed most buyers we work with don't act on emotion & are quick decision-makers; When a deal makes sense, they move fast. 

Quote from @Travis Timmons: There is the business side - evaluating return on equity, but it's also okay to get a little emotional.

To be honest, I'm not exactly sure how much money I would lose, purchasing a home is a very emotional thing for my, my wife and I find it really hard to get honest answers or comparisons from family or colleagues about how much money it would set us back, so I am only assuming the worst and hoping someone here can advise.

Often people who fall into this trap have bought property for emotional, and not financial, reasons.

There’s money, time, emotions & pride involved which often clouds judgement.

For your part, it might seem like a free roll of the dice to go to court, but there are surprises and landmines along the way, litigation always takes far longer than anybody expects, and the time and emotional expense of fooling with litigation are energy drains on more productive endeavors.

I am also a remotely managing 12 of my own Section 8 units in Iowa so know the rollercoaster of emotions of to hire or not.

Also don't be emotional about the purchase.

Property Llama helps take the emotion (and unvalidated bias) out of the process and gives you black and white numbers on key financial indicators (return on equity, cash flow, etc..). 

It's hard not to be emotional when house hacking becasue you're living there but think about other factors for you too, not just the cost.