Do you want the cheapest heart surgeon or a quality heart surgeon?

I've told the PM company to just deal with certain things below a certain monetary value because hearing about them sends me into heart palpitations. 

If they don't, at least I get a little extra which compensates for the lack of stability.It sounds to me like your tenant has his heart on owning property as opposed to renting. 

A house would have just been one more tie to where their heart really wasn't.

(It's not for the weak of heart.)

I Was lookingf forward to explaining the issues and dangers that leverage can cause but it was perfectly done by John, J, and James.Only thing I would add is that usually you don't see things coming IE. quick and urgent need to sell house and or come up with funds in a hurry.As John stated people were leveraging the crap out of their properties, buying vacation homes, taking HELOC and going shopping, ETC thinking prices would just keep going up and up and banks were happily lending to anyone who could half heartedly show some income and own a property.

Go to the heart of San Francisco and you will find studios priced at $500K.Market price is a subjective thing, there is nothing saying anyone will be willing to pay a high price for your home simply because you want that. 

Very high end, just off the heart of 12 South.

Good deals are around but patience and sticking to your set criteria is important (head over heart).

@Dell Schlabach  I get approached with these types almost weekly and I take the time to step the rehabber or newbie through them and splain to them why 200k in gross equity can become a 100k loss in a heart beat.. we are on the same page