Lose money, either a lot or a little?

Add to that the cost of flood insurance, and the lower overall property values in a flood zone and you have a total losing situation.

My only fear is that they most likely already have received the rent for August and I may have a problem getting that from them without signing the contract but based on my experience I would rather lose 1 months rent then keep them as PM.

People who quibble over .25% interest rate or fee only to get into a situation where the new bank has trouble closing the deals on time or with other problems.Price is just much less important than whether the deal can get done in time and without headache if you're building a real estate investment business.The other downside to shopping deals each time is that with a banker, you lose future leverage if the deals are seen as transactional.

Because that doesn't sound like much but losing the homestead exemption is what really kills you. 

It sounds like they are trying to bully you into submission, and if you let them get away qith this, you'll lose, and the next landlord will lose.

However, I would prefer not to lose my life savings and retirement funds because of one incident...with that being siad, is the thought of everything being taken from me if I don't have a separate entity just a beginners myth?

you are probably more likely to spend money to lose money if you put in hvac.

Or a month of vacancy and turnover if you lose the tenant.  

You will need engineers to do drainage studies.It will cost you at least $25,000 for the subdivisionYou will have additional costs during development because you will likely lose your water tap and your wastewater connection on at least one of the lots (I'm assuming that the existing connections will no longer fall within the guidelines of the land development code)..The city will tell you that this takes 6 months.