I'm a believer that real estate should be treated as any other asset class and decisions based on financial returns and performance rather than geographic proximity.

Brand new and still in the box!

If due diligence is ending and you are undecided it's better to send a letter of termination then let a contingency pass and be in a bad situation having to perform on a contract. 

If your greatest concern is a potential downturn, you've already performed the wisest hedge - buying properties in high-demand locations.  ...and if/when things go south, you have a few levers besides price to keep your properties performing:Providing quality finishes to set you units apart (which you may be doing already, based on your remodel comment).  

My husband and I have been listening to BP podcast's for a year or two but are finally get involved on the website (forums, blogs, etc.). Within the next month we will be ready to start buying & holding in the DFW...

Sure there are defects such as the loan is non performing currently or there are other issues to be addressed, but remedying those are what adds value to the loan and makes it salable or a cash flow stream to tuck in your portfolio.

Re Fair Housing: there is quite a debate here in Tempe about this brand-new apartment complex that is only allowing residents 23 years of age and older. http://www.abc15.com/news/region-southeast-valley/tempe/23-and-older-only-at-tempe-apartment-complex

I live in Mesa, which is close to Chandler, and I can see renting a home out for a season like to snow birds or possibly during baseball spring training but never would have expected weekend/weekly rentals as out performing traditional rentals with the high turn over and marketing costs.You have my curiosity,Casey

I am brand new to this sight and thought I would just let everyone know a little about me and who I am.

If you are not able to perform this task on demand, it could become ammunition for the contractor to extend schedule.You might consider adding contingency to both budget and schedule regardless of promises.