This was almost catastrophic!

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

As far as an overall strategy, especially when first starting out, having strong cashflow is extremely important - it will help you weather those inevitable bumps that you'll come across throughout your investing career, but if they occur in the beginning before strong cashflow is established they can be catastrophic.  

Feel free to scour the BP forums (or other sources), and you will find that this is the recommended model.As for your points:#1) If someone was to cause a fire(other catastrophe) at a property - Yes, they could be liable personally. 

You can also check Section 8 to see what the going market rate is in Palm Beach - that's guaranteed rental income no matter what catastrophe is happening in the world.

Unless something catastrophic happens to the US/World, I'm bullish for the next 5 years at least. 

I am curious to peoples opinions - does a states only metro - the financial, health care, and transportation hub (3rd busiest cargo airport nationally), have to only grow (barring a catastrophic event like nuclear war, etc.)?

I also have a $175,000 line of credit at the ready if something catastrophic happened.

Much of these are new requirements due to the Florida catastrophe.

I also have a $175,000 line of credit at the ready if something catastrophic happened.