I can get handwritten statement from several people who have witnessed the effect it has had on my mental stability.

They just can't make that mental committment.Good Luck,NavyDoc

Rich or poor the mentality should always be the same in figuring out if what you are getting value in return for what you are paying for. 

These problems soak up a lot of time and mental energy. 

(at least for the time being, lol)Just like Luke said, in a seasonal market like Destin, you really need to look at annual revenue numbers versus just an occupancy and ADR mentality. 

@Kevin MorrisI had a grammar school teacher that instilled the “trust your gut” mentality in me.

These folks are ready when they finally get mentally ready to tackle the task.  

You have motivated me because I've been on a mental roller coaster when it comes to sticking with it and taking action.

I saw this on other commercial developments where the developer projected a certain return when the project was leased up.When the project was nearing completion the market had softened a little which hurt the returns in a big way.It sounds like sellers and developers are cashing in on the herd mentality and will be walking away with the most money on this.I haven't been there like others have but I have had talks with others about it.I would say do not throw more than maybe 10 to 15% of your total worth if that into it.This way if something crazy happens you are okay.If you throw most of your money into it you are playing the lotto.Some will hit it big and others will take a big loss when it falls.Odds are with the lottery you will be left in the dust.If I was a seller in that area I too would be cashing out selling the land or building and then take the cash and 1031 into properties that are not over inflated in different markets.The 22 million is an asking price and not a selling price for the apartment building.The only way I would take on such a price or situation is with a non-recourse loan with no carve outs.This way I cash flow like a beast and when the market hits the toilet give it back to the lender and walk away.Under any other scenario you can land big apartment buildings with just as much upside at much lower debt service to decrease risk and market fluctuations.

You seem to be just wanting to go out and buy something.Do not follow the herd mentality!