An SFR tenant filed chapter 13 Bankruptcy.

You have to do a title search and other searches like bankruptcy. 

Foreclosure, estate settlements, bankruptcy and other issues bring light to what was done with a note.

Quote from @Basit Siddiqi: 401K ProsHands-off - good for people who can't manage their own money.Grows tax deferred/Free(depending on if traditional or 401K)ConsCan't tough the money until you reach retirement age with penalties if you touch the money earlyLimitations of stock options depending on broker that your employer chose.Stock market returns is normally less than real estate Also 401k/IRA protected from lawsuits and bankruptcy.

If a tenant declares bankruptcy or just refuses to leave without the police knocking, it just takes longer.

Think of Bitcoin and other Crypto crashing to $0, stock market declining 20%+, Tesla filing for bankruptcy, eviction and foreclosure moratorium expiring, oil at $150/barrel, Fed raising rates to combat hyperinflation, interest rates on 10 year treasuries going to 3%+, China invading Taiwan, and more civil unrest in USA all happen before the end of the year....Austin market and every other real estate market will plummet quick. 

The timeframe is definitely getting shorter, but you can still run into obstacles (bankruptcy, charged off seconds, federal tax liens, debt collection liens, etc) that are not insurmountable, but can delay the process. 

Nice post Bill....I actually met with a firm today that is about to take down a portfolio out of a bankruptcy that specializes in LIHTCs.

., (HUD has a service life list for things).You benefit from loan pay down, natural appreciation over time, and any forced appreciation you can do.You can get depreciation on an asset that appreciates.You lose if you run out of money to pay the mortgage, insurance or taxes, and lower the rental value if you cannot or do not do required maintenance and replacements to stay current with local current demands.You may face foreclosure, bankruptcy or personal asset dissolution, depending on how your assets are held and how your loan is worded.I don't think you can put a numeric on the risk.To me it seems more like a Zone thing. 

It will take even longer if the former owner files for bankruptcy.