What happens if we go into a deep recession, (Which is never out of the question) and you lose your job?

I really want the house, but at the very least I do not want to lose all the money I have spent already.  

Even though you are trying to do the right thing, there is still a natural law of "survival of the fittest" - these "investors" will eventually either stop hiding and realize themselves they have been taken advantage of - or lose the home from city code violations,  or maybe a foreclosure forthcoming.

Figure out the cost of lost opportunity for the funds you will lose earning power on to put 20% down to avoid PMI and PMI is the best thing you can have.  

However, on center once you get closer to 72 street, it does start to lose some of the Wauwatosa feel.

Here are some things about Houston People do not know about.Last year+23,600 jobs (.088%) Growth in Jobs not loss2nd largest exporting port in the world, for every ship that comes in 2 go out2 international airports in Houston2 of the largest airlines in the world Hub'ed out of Houston (Southwest and United Airlines)Largest medical facility in the world (If it was its own city it would be the 16th largest city in the country)Fastest growing population in the countryTexas is the 10th most business tax friendly state in the country and if it were to not charge a franchise tax it would be #1.205,000 Non-Owner occupied homes in Houston1 out of every 4 people in Houston rentsIn a down economy the rental market goes crazy because when these people lose their jobs they become renters which drives up the rent pricesHope this helps clarify the Houston market 

I'd like to get started ASAP but I am not going to rush because that is how I will lose money.

However, even if the general area population is stable, specific sub-areas could be losing or gaining population.

It’s bad enough when a business venture goes array but losing a good friend or severing family ties is just a hard pill to swallow.

You are better off writing into your lease that if a leak starts to happen and they don't tell you then they are responsible for the cost of the excess damage/water.