So you have lessened your risk when bad sh*t happens since you own it outright.But you have restricted your ability to expand, and scale because the $$ is all in your house....lower risk but lower returns......The "sweet spot" is to leverage enough to maximize your returns, but not enough that when bad stuff happens....and it will..... you don't collapse under all that leverage.

I acquired my first 3-family property the same day that Lehman collapsed, but was secure in my belief that, at less than 50k/door and needing ~30k in rehab costs, I could get the property cash flowing in 6 months, even with having a property manager in place.

I thought of visiting tenants that have been late on rents and unresponsive in the midst of my previous property management company collapsing due to corruption.

If the deal collapses and I would lose everything, I'm out.

They might collapse any day, or might work for a few years – nobody knows.Also, the appliances work well, but they are old and ugly looking.

From what I can tell the house needs a new roof, HVAC, has evidence of water damage from a hole in the roof (collapsed ceiling and water damage to subfloor), kitchen would be gutted, and windows replaced.

Perhaps an economic crisis, perhaps a collapse when a Breaking Point is reached with too many people piling into what they think are easy riches.

I’d contact a drainage contractor for an evaluation of what is causing the crawl space water problem and an insulation contractor for the vapor barrier plus replacement of any inevitable insulation collapse from crawlspace water.

One of those times was fairly recent, the housing collapse of a decade ago, and that was the only significant drop.

All 97 of them. 3 make purchases (a bit optimistic, but lets go with it). 2 buy 300K houses to sell them for 350K. after fees and taxes they set the alarm clock and make amends with there W-2 boss, vowing never to do that again.1 guy buys a 75K house with cat piss deep into the sub flooring, tarped roof$$$ (HINT HINT), and a collapse sewer pipe (orange burg$$$  another HINT).