We have one STR, and it really is about 2hrs/week of work, but it is constant nature of the work and mental load that is wearing on us with managing one.

I know the HOA fees can eat into your cash flow in some case, but I also know it saves you on cap x due to the fact your not having to deal with roof repairs and things of that nature.

You mentioned being worried if your tenants don't pay rent.....you should look into one of the cool products my company offers called rent assure, where basically you can take out an insurance policy on your tenant so if heaven forbid your tenants did default that you would be able to get reimbursed.If you build the right team around you a lot of those worries naturally go away. 

You don’t have to accept the off the shelf contract as it is biased in favor of those who drafted it—which if you think about it for a second is perfectly natural—but it’s more than fair for them to ask you for a written agreement.

Just go through the procedure of eviction.

My question is whether that is a viable strategy in the DFW area given how hot the market is here and the seemingly uncommon nature of 1-4 multifamily properties?

If so, what are the most common forms of security granted over real estate and what is the procedure?

Much of this is attributed to some unique aspects of our market, namely the "landlocked" nature of the county.

There are very specific procedures to follow and each state is different.

I will follow police procedure if this continues though.Another question I have is, if he doesn't pay the rent or if he does and he doesn't leave within the 3 day NTQ.