You are now in a position where you have two potential parties to sue you, negative equity position in an arm loan, and no tenant.Is the deal worth those risks or do you have an iron clad way to prevent the risks mentioned?

Particularly Green Bay to Oshkosh so Appleton, Neenah, De Pere, Menasha, Kaukauna, Little Chute, Kimberly (trying to make sure I get hit on people keywords) are all towns I am interested in.I am currently investing in Iron Mountain and have 20 units between two buildings. 

(My Monclova Property looks like a complete dog on paper except it has appreciation and the same tenants have been there for five years and I never have repairs or vandalism or late rent to worry about...the resulting profit is difficult to ratio)Conclusion- invest in the highest profit category you are comfortable in...I have a cast-iron constitution so I own in some really great profit areas.

@Derek Robinson threw in that Iron Creek Properties is good as well.I have a cabin in the Wolf Laurel development north of Mars Hill and Asheville.  

Currently not livable because HVAC and plumbing are not in working order. 59,900 List Price90,000 Realtor Provided ARV37,500 our cash offer (no lending because it's not liveable)40-45k - Repair estimate (roof+double layer removal, foundation and sump pump, asbestos siding removal/replacement, HVAC replacement including about 40% of ductwork, electrical panel replacement, plumbing updated from cast iron, complete kitchen and bath, chimney removal, 1100 sq ft flooring, all interior doors and hardware, single garage door, windows and 5 exterior doors, yard drainage issues and tree removal, drywall repair and other finishes, possible mold remediation)$345 Expenses (excluding mortgage) $950 Monthly Rent 

Ironically, my PMP, which only costs me about $6000, has been far more valuable in my technology career than any of my degree studies.

Ironically, we've done some large deals in your area (north Dallas) and w/value add apts still finding opportunities where I understand the SFRs are very difficult.  

Ironically, because I was patient in my purchasing, one of those 5 sucky deals turned into my most profitable ever despite the rehab cost overruns.  

Ironically, it looks like you're in a market I also would highly consider - in fact I'm interested in buying there after I get some close-to-home knowledge of real estate. 

Old houses have cast iron pipers that will disintegrate (because of age and/or foundation shift).