They sold a duplex in Austin and exchanged into a small portfolio of properties in the Dallas-Fort Worth area.

I believe it is a larger issue than what we define as the economy, which is mostly measured in corporate profits and Wall Street performance, this is not what the average person perceives.

EM is $5k on a $120k duplex which I knew was a red flag during negotiations, but proceeded anyway as I needed to add a few more properties end of year.

I just sold one of the Class C - I saw the writing on the wall. 

I don't think you need to take a picture of each wall, but of each room and each noteworthy item that was damaged is really helpful. 

You can get a duplex for around $150,000 or less.

Basically, the money used in this type of financing comes from "Wall Street".

They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.

If you can house hack a duplex / triplex / quad locally, I highly suggest it.

The dog bit into the blinds, broke the TP holder off the wall, and scratched up the door and frame.