Keep your emotions in check really hits home for me.

Although the Phoenix market may not be over priced, much better cash flow can be found in the Midwest.Also, if there is a correction in home prices, Phoenix may potentially get hit harder than other areas which have not had such rapid appreciation.

If you’re not able to hit those numbers (or come close), then I would encourage pulling out your cash and hunting for deals.

You hit the nail on the head.

@Michael L. hmm you could use chucking to pay more towards the principle then the interest avoiding the refi and the 13 years you still owe on the property the time frame would be cut in half (at least by  half) because now your paying more towards the principle, your credit might take a hit but you get to keep the property and rent it for your 2400 a month.

Family will play on emotions when trouble hits. 

The wife checks out but her husband has a litany of criminal charges: hit and runs, DUI, etc. from not too long ago.Is this a legitimate reason to deny them? 

Not sure if this helps out at all, but there are 3 co-investors on the property, so the financial hit would be minimal.

Cordova can be hit or miss so having someone with local knowledge will be a key to your success.

As an example, for a 20 unit apartment building we would need to hit $100 profit per door per month after debt service to hit our yearly cash flow goal.After purchasing the fifth business (year 6) my business partner would retire and keep their half of the yearly profit (~$60k) and I would switch from adding new businesses to using the snowball strategy to pay down the debt on the 5 businesses.