Cigarette smoke: On a day when the weather is good and the tenant has their windows open, if you are working outside in the yard and the tenant doesn't know you are there, you just might see/smell smoke coming out the window.

I also save over 3K/month after all personal expenses, so I believe I have a strong enough financial position to weather some storms.

If you assume the worst, slow to rent, roof A/C replacement etc will you be able to weather the storm?  

Mini splits are not resistance heaters.

If they have to put education on credit cards, they can't afford to do Subject To or Lease Option and they don't have reserves to weather the bumps.Texas has special requirements for Subject To.

I'm not super concerned about the weather conditions or if I know a property management/contractors there, etc.On the other hand if I'm looking at a first mortgage, I'm more concerned about whether it's a judicial or non-judicial state as the original poster mentioned, but also if it's -50 in the winter and the house is vacant, if it's a state where I know people, whether I can reasonably expect some appreciation, whether the rents in that city/state are decent..Another important consideration is the inventory you have access to.

I figured, weather the condo sold or not, it would be a lesson learned.

There are click locks that install like laminate but are quite water resistant(water proof except at the seams and then it depends on how well it was installed.

Your clients resisted the urge for instant gratification and used resourcefulness and initiative to start within their means.

It's better if you have pet resistant flooring like laminate and tile versus carpet.