In a few select coastal areas prices are outrageous, but that is in spite of more strict credit rules and a larger safety net. 

Also, I would do a "safety" inspection.  

This is a safe way to get the experience you need while have the safety net of a professional. 

If they show a interest in avoiding the eviction but whine offer them some cash to cover the moving costs - $500.With this process you always have the eviction on the back burner applying pressure on them and acting as a safety fall back for you.

My friend lives in Safety Harbor and his wife is a Nurse, ready to retire.

Even at a fire sale where you net about 75K, that is still 20K in equity for safety.  

Schools, Safety, Big house with backyard, Swimming pool, etc4.

I am not on the title and I understand I could always put a mechanics lien on the property, but are there other safety measures I could put in place to limit my exposure?  

I have not had an opportunity to perform a rent analysis, and considering that the development has over 500 units, having a number of active listings may not be a concern.Overall, I believe in the cities growth, future demand and general safety (sister lives there and client I was showing around today is single female cousin). 

I also keep 12 months of net income from my portfolio + brokerage business in cash in my money market and I don't touch it or consider it usable for deals as a safety net.