But there's still an approval process, applications to complete and underwriting to endure. 

This is an endurance race not a sprint.

We fully intend on purchasing rentals at some point, and we already have this one now.Should we sell and start over with a clean financial slate, or should we endure and try to maintain this as out of state owners?  

I am looking to gain some insights from the seasoned RE investors who have endured through downturns and not lost their money/business in the process.

Also, should we endure another market correction, atleast we would have the funds to carry out any mortgage obligations in the unlikely event we face increased vacancy (very uncommon in my area).

Sounds like you've endured a lot and I bet there are more than a few things you could offer with your experience.

Louis is such a profitable market, it's worth enduring the headaches though!

You really need a few failures and setbacks, not to mention enduring some grinding moments like scraping peeling paint or cleaning toilets before anyone is going to take you serious about developing real estate.

An accountability partner can help you succeed faster, but most people's lives are not that successful and you can ask people to be an accountability partner, to "get on you" when you are lazy, when you want to procrastinate, when you want to hide in a corner.Being successful in business, I think what was valuable, is to read about what great entrepreneurs like Steve Jobs and Bill Gates had to endure, had to suffer, for many years, before they became great successes.I wish everybody on BiggerPockets a great spring, but it's time to stop thinking, stop reading, and go talk to sellers, and get a coach if that is what you need.Best wishes,Brian@Dev Horn@Ned Carey@Michael Carbonare@Rick Harmon

Without a strong foundation, nothing will endure!