Even if you fail from time to time, at least you will learn from your mistakes.DefeatNot every offer you make will be accepted.

I realize a lot of excited new RE investors first go out and get licensed but what they fail to realize is that In TX, as far as the state is concerned, you are now considered a RE expert when you deal with the public and you can no longer be a simple member of the public/investor.  

Simply put, whatever you negotiate, or fail to negotiate, is what will happen.

TONS of new investors fail because they think they can immediately start living off of excess cash. 

2) Some blogs consider HML a resort for people who don't qualify for traditional loans because of their poor financial situation, so how do you reduce the risks of working with people who may lead to a failed investment?

I do not extend any allowances after this if they fail to bring in the rent.

It took way longer than I planned and too many things went wrong like the well failing after winter.

It's based on past experience of having tenants fail to have a successful lease.Yes, today you are making your $975/month rent payment with no problem, and my assumption is your month income is below $2,925/month since that would be 3x the rent, and your post is all about not making 3x the rent.So life if going fine today, but tomorrow your transmission may fall out of your car and need $2000 worth of work. 

I've filed for eviction on the basis of her failing to pay rent.  

If all else fails and they do get out your best bet is a collection agency or write it off and if they have a deposit you can keep that to cover some of the cost.