The zip codes are 39211 and 39047.Would you say your comments hold water for those zip codes?

@Mario CastellanosBIG assumption but if accurate it means the property is under water meaning they owe more money on the property than it is worthThey would not be able to sell it without lender permission essentially.

So here it goes....I bought first single family home (2000sqft) 2 yrs ago in Cedar Park, TX area during peak of market craze at 5% 30yr fixed for around $540k (spent about 10K more replacing hvac etc) with monthly payment of $3600-$4000 and the market corrected sharply to a point comparable homes are not selling even for 440k with a nice pool in them.

Also there is a Camp Fimco going in down the hill that has a water park .

The single-story home, purchased by Lee as a gift for his daughter, boasts seven bathrooms, a pool, a movie theater, and a spacious entertainment deck.

They're more "attractive" to the borrower but any seasoned REI isn't going to use most of these products so they're narrowing their pool of borrowers down to the less experienced REIs which puts even more risk on the lender.

It was the 'water master's house'--the person responsible for diverting the Colorado River water to the different properties/farms. 

If its under water Also who was servicing the loan and what state is it in.

If landlord pays water/sewer, and with more occupants you know you will see higher water usage, think you could make a logical case for some additional rent or per person fee to cover that. 

However, here’s the catch with roofs: if it gets to the point where wind or water can creep in, small leaks can become big problems fast.