Fundamentally though the price increases are driven largely by inventory shortage, not risky mortgage lending practices so there's no reason to expect that the next credit crisis will stem from the housing market though it will no doubt be affected. 

@Kelsey GreimThats absurd ..Refuse to close until an updated lease is signed by all parties that includes the correct terms and regulations you expect in the lease agreement .

His example was if a dealership has a Hyundai and a Bentley, a buyer is not going to expect to get a Bentley for the price of a Hyundai.

That is a given in your market.No problem in speculating, provided real estate market does not adjust down but expecting positive cash flow on this property is a joke.The opportunity value of your equity (10%) alone is costing you 8K per month in lost income.

We expected the unit to be vacant at closing and were in for quite a surprise.

Thats compared to roughly 100,000 sales in the metro area.Purchasing a multifamily in the area is possible, you just have to have realistic expectations and come in with incredibly aggressive offers.

That is a good question but do not expect them to work for nothing. 

I didn't expect anyone to really read it.lol.Anyway, hopefully our talking can further narrow my focus and lead to more actionable steps. 

But as of now the cousin and the girlfriend have broken up.

Once DD has stared and I can flesh out the operational details like what will CapEx look like month 15 when I have to replace XXXX and this county adjusts taxes biennially so in month 21 I can expect a 10% increase.