Now, to better deal with animals that are not pets and ESA fraud, I'm considering:-eliminating monthly pet rent, -increasing rent to include pets for everyone, -increasing (my pretty low) non-refundable fees for pets, -and specifying fines for problem tenant behaviors including failure to control animals, failure to pick up animal waste, and permitting nuisance barking.

@Chad McMahan can you comment on the main sources of failure?

If you're a failure, newbie upstart you can pretty much expect to go your own way because nobody will be motivated to reach out until they see actual performance.

We all invested based on the fact that because there was a collateral, there was a way to get most of the capital back in case of failure.

As we are just beginning the process here of building out a team, I thought I'd reach out to the BP community here to see if there are any folks who wouldn't mind sharing their experience/successes/failures if they have been doing BRRRR investing in the area at all? 

I enjoy being a part of the bigger pockets community because it allows me to both learn and share what I have learned through my own failures and successes. 

Failure to fulfill this obligation will result in the note being deemed in default.

It's possible you got into this as a setup for failure from day 1, stop, do the math, find out exactly where you are and yes, it just might be a best option to cut losses and walk away. 

Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.

Failure to do so could cause your trust to be invalided under the UFTA or UFCA.