That’s what I would do and have done I 100% agree with this.  

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Depending on the country there also might be fire risk mitigations.

If I had a good tenant and they continue to be a good tenant, I don't care where they legally get their money from.I agree that most S8 do not meet my criteria even without considering the source of the income.However, we have another policy that also works against S8.  

This is my third year investing with my mini me 12 year old and this is our 5th deal.My 12 year old found us a great deal- I teamed up with my friend and family member agreed to pay purchase and renovations.

This is the richest country in the history of the world and there are opportunities everywhere.

After funding 2,000+ loans across the country I know most lenders will have issues with these 2 things.

Much of the country is at high risk between fires, hurricanes, tornados, tidal waves, earth quakes, rising tides, etc.  

Agree it is difficult to assess costs when they vary so much by location.Keep in mind that some turnovers are sickenly expensive, and that is just the nature of the business. 

In the really bad cases they disappear to another country and try getting them to sign stuff at an Embassy abroad.