But I assure you it's correct. 

The answer is it depends - if there is no more settlement then they are correct you probably do not need piers at this time, if it continues to move then you need to do something.

You're 100% correct, as always.

Am I even correct in my basic analysis of the market?

I vetted you 2+ years ago, after hearing your affiliation with Avery Carl's STR nonsense if I am remembering correctly-- I dropped all interest. 

I just keep hearing over and over again to just take action and course correct from there. 

As important as due diligence, analysis, knowledge of the property type, track record of the syndicator, correctly predicting economic trends, and timing is, the number 1 way to avoid a devastating loss is NEVER INVEST MORE THAN 10% OF YOUR INVESTABLE ASSETS IN ANY ONE DEAL.  

Verify and double verify with the applicant that the information they have provided is correct and that all income is verified and all adults will have a background check. 

Andrew is correct that you can get a multi family property w/ 3.5% down FHA.

If I remember correctly, we had a chance to evict them in December 2023, right around Christmas and New Year's.