In the current scenario, the poor and middle class are seeing their wages go less far - that's definitely pain.

I personally am, but with 70% of the southwest water usage coming from farmers, that is likely the first area to really the pain, which is unfortunate but probably necessary. 

@Paul Winka- you will not  be able to  have the  servicing  changed so once they have your  taxes and insurnace all  squared away - ask them to  end the impound accounts on the loan  and then you can manage these yourself ...more  work  but once you have this set up - it will save you the  pain / hassle you are  dealing with now  ....also - in additon to calling - try to get an  email for the  servicing dept  that you can use and  keep  a thread/ record  so you can   continue to send the  thread to newe  people as they rtry to assist 

These tenants tend to have a lot of stuff making moving a pain, and they want their kids to have a stable home and school life. 

in the meantime, depending on how much you trust the stock market, you could take that $100k, buy an index fund or two or something else and hope that, at the very least, it held its value when you have to sell it to get cash out. in a best case scenario, whatever investment you purchase will come out ahead of the interest you'd be paying. or to minimize the pain and reduce the risk, get some t-bills, treasury bonds, or something else that is supposedly "safer" than your typical index funds, mutual funds, or individual stocks.

We are already seeing an impact in upper-end housing, (one of the local builders has 6 spec homes sitting right now)   The FEDS want to tame inflation and the only way will be pain (high interest rates).  

Tenant turnover will be a pain and probably require you to make a trip down there, but that should only happen once every couple of years. 

I am hopeful the first 5 years is a slow painful growing experience and it can take off from there.

Is it a pain sometimes? 

Having to ask the agent to send you the required documents before submitting an offer is such a pain.