Residential real estate tail risks

[Justin Hanson]

As an avid learner of all things finance, economics, business, and investing, and someone looking to get into real estate at what may be a very crucial point in the markets, what are all the tail risks to be aware of? 

Given the current state of the business cycle with rates elevated, potential economic turmoil ahead, and a whole lot of uncertainty for the economy as a whole, Its easy to second guess entering the market right now. Rather than be doom and gloom and miss potentially a great opportunity Ide like this post to be a place for veteran investors who have been through cycles in the past to share some cautions and due diligence for me and any others who are looking to get started. Thanks!