With debt coverage on a property at 1.8 - 2.2 range, even if the economy takes a huge downturn you can discount rents by 30-40% and still be cash flow positive.  

Development is the most risky part of real estate and plenty of very successful people loose everything they have when the economy changes. 

I was in a similar position to you about 8 years ago, I went the apartment building route partially just to stay busy, but also because I got sucked into the “more doors the better, economies of scale, higher cap rate the better the returns” hype.

Seems to me like the pieces of the puzzle that you're missing are some of my stronger suits and the things I'm looking for (have no construction partner) are your forte. 

May last year was pretty light, too (12 nights).I'm pessimistic on the economy. 

There will ALWAYS be specific deviation markets in any/all economies up, down, side to side.

Galvanized is superior to copper in that it is a lot stronger than copper.

We also have a good and diversified economy. 

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.

If I need additional funds, I can give another lender a second mortgage after explaining to them that the first mortgage holds a stronger position.BUT... if you do some paperwork with the state and set up an entity.