Also, if you have good tenants - ie they pay on time and dont cause issues - why would you boot them out and bring an unknown in? 

Make calls to agents, property managers, etc and have a team in place you can trust before diving into an unknown area.  

gets pulled for some unknown reason2. a pre foreclosure buyer redeems it for the owner3. owner files BK4. bank messed up and postpones5. your over bid by 3p6.

Why in the world this amount of money was loaned is unknown but, unfortunately, it's not the first time something like this has happened. 

I am facing similar situation in Texas but these are unknown people.

@Caleb Bradley  Networking in this Valley is my key to finding unknown/hidden opportunities.I do work pre-foreclosures and probates.Have tried many of the "systems" promising to find vacants and give you a quick step up, but yet to find one that delivers on its promises.Have Zillow, Auction.com and realtor/MLS sites send me immediate updates on anything new with the "appropriate keywords" or selling conditions.  

At a minimum be wary of venturing into the unknown of the hotel world (a declining asset in general though I suppose not 5-star markets perhaps). like anything else unfortunately, the best ways to find investments that actually make sense are to know people who you can trust who then recommend something for you--not just so they close a deal but because your particular needs are a good 'fit' for that project.

I have been considering a few buy and hold properties in some areas that I am not too familiar with. I am doing my homework on these particular areas and trying to pick apart each aspect of the numbers. However, I ...

If there's a buyer's agent who is a jerk or who is totally unknown, we eliminate that offer.  

At this point, flood insurance rates are scary, and unknowns will likely be interpreted as a worst-case scenario.