Depending on the location a 4 plex to an 8 plex zoning density variance can be a potentially lengthy and complicated process with no guarantee of success. 1.

It mirrors another subdivision right behind it and is long in length. I

This creates a delay by default (even if it is only hours), and another step that could suffer from a glitch/downed service/etc.(2)  I have read stories about how easy it is for a tenant to reverse the transaction after the deposit is made, and this company's policies have made it very difficult and lengthy for a landlord to fight the clawback.When they deposit funds right into my account (as John does, that acct # is in the lease), once the funds clear there is no opportunity to unring that bell. 

If you have not found it already, here is an awesome and lengthy thread on the topic.

I realize I will have to foreclose on him and it could be a lengthy and expensive process.

If you have to go through a lengthy court process to forclose.

Dora over to Sanford/Lake Mary which traverses some ecologically fragile lands with very well thought out design (elevated sections for wildlife underpasses, a lengthy span over the Wekiva River to have no pilings in the water at all, etc).  

Cons - Higher interest rates than other FHA and Conventional loans, lengthy process.Which route you should take depends on your financial situation.

I have a lengthy Legal Opinion, from my seasoned Legal Team regarding this matter.

The funny thing is that my loan officer stated that the underwriters were unhappy and disapprove of the use of funds being used to be additional properties and said it would be better to rewrite the letter stating we were using the funds to take a lengthy trip overseas somewhere.