Then the Saudis and Russians got into a supply tantrum followed by COVID collapsing global energy demand resulting in our current market.

Even when that happens (barring being in the middle of a global pandemic that completely shuts down the non-QM market) you will turn to investor and portfolio loans where the rental property and its economics are the primary factor in getting the loan.

Emphasis mine.

@J Usmonov right now we're still dealing with a global pandemic that had significant impacts on our economy.

If everyone knew the next recession would be caused by a global pandemic out of Asia, we'd have been more on the look for it and we would not be in the current predicament.

Due to the global pandemic going on, we are expected to receive less money back from our borrowers this quarter.

I wouldn't put too much emphasis on the cap rate. 

It would also indicate how the emphasis might change from flipping towards BRRR towards other topics people are interested in.

I also see an emphasis on natural design elements (clay, linen, wood, terracotta, ), and lots of plants.

Some others (France for example) apply taxation on global income, with tax treaty only insuring there is no double taxation (you still pay the highest possible tax).In the case of France, owning houses directly or through a fiscally transparent LLC results in your having to maintain a set of accounts for the IRS, and then another set of account for the french tax authority, following french rental income rules.This means that it makes sense to own directly a house from Hong Kong, whereas owning a property for a french beneficiary is best done through an opaque entity (i.e., an entity that has its own accounts and files for tax separately).