Thanks for the feedback, I certainly have been very fortunate to have the job that I have had and it has made a lot of this possible, its kind of like investing with a net, I was able to take a lot of the risks that I did because in the back of my mind I always knew that no matter what I had a stable income coming in that mitigated a lot of my risk. 

Ultimately you want the unit back so you can redeploy it to tenants who are stable.

Nobody really knows how stable the oil field will be but I can just about promise you, the oil field isn't going away in the near future, but it will probably be a roller coaster ride as in it's history.

Our business strategy is to find stable properties with value add components, which are getting harder and harder to find without paying a premium. 

Taking your insurance, mortgage, tax, and rent estimates at face value (I assume that these are fairly certain/stable), you might be a bit optimistic on your expenses:- Vacancy: I don't know if 2% is the right number or not, but just to sense check - 2% vacancy means that you have no more than 1 week (on average) to turn over a unit, assuming it's fully occupied and each unit turns over once a year.

The job is pretty stable but it is always a possibility.

Notice how unsuccessful real estate investors all have one thing in common: they weren't selective enough in their deals and decided to enter into very marginal or worse deals.If you could be just 0.1% as selective in real estate as a typical 21 year old girl is with dating, either on Tinder or some dating website looking for a hot looking Chad or Brad that isn't psychopathic, and that looks financially stable and reasonable, then you will succeed in the game of real estate.

If that's the only purpose, get one off the shelf/online.

I've made my share of mistakes because I did not consider #2, I was attracted to Binghamton NY a few years back because of the high Cap rate but poor property management and my lack of visiting the area cost me a lot of money.At this stage in my life i'm so what financially stable that I can make the time to drive or fly to visit and manage the managers of remote properties.  

I have been fortunate enough to have a stable well paying job for the 6 years and have been able to save up a good amount of capitol to fund the initial down payment on a multi-family rental property.