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.

It is not realistic to budget for catastrophic occurrences but you want to understand what moves you can make if extreme things do happen.

Atmospheric rivers can be catastrophic and are just getting worse. https://environment.yale.edu/news/article/urban-heat-not-a-m... https://www.ppic.org/publication/water-use-in-california/#:~...https://www.arizonawaterfacts.com/water-your-factshttps://www.epa.gov/climatechange-science/impacts-climate-ch...https://www.usgs.gov/special-topics/water-science-school/sci...

I hate to buy for appreciation only, as then every maintenance issue and catastrophic issue (Collapsed Sewer Line, Air Conditioner, etc.) has to come out from your own pocket and not the investment.

The LLC pitch to noobs is usually that you can get wiped out and loose everything if you don't have an LLC. 16k is not a catastrophic high dollar amount that would have exceeded a $1M umbrella and could have wiped out a landlord.

Overall, the insurance carriers need to make sure they are still bringing in enough money to be able to pay for these huge catastrophic claims that are happening more and more frequently.”

You are going to be surprised at the accumulation of these figures and that surprise could be catastrophic to find out when you can't make a mortgage payment because you have a vacancy, have to replace the HVAC or you have an expensive tenant turn due to damage.  

I am not stating that it is certain to appreciate like it has but econ 101 tells me that excluding something catastrophic it is likely to continue to appreciate in the long term.  

Unless, we have some other financial catastrophe (created by the US as the last one) or based on Geo-political upheavals that we help cause, but ultimately don't control.

Where a tenant is evicted for owner occupancy after December 18, 1998, that unit is designated as the owner's unit for purposes of subsequent owner-occupancy evictions, unless the owner's disability or other similar hardship prevents occupancy of that unit.Tenants who are 60 years old or who meet the disability guidelines for federal Supplemental Security Income and who have lived in the unit at least 10 years, or tenants who are catastrophically ill and who have lived in the unit for at least 5 years, have a protected status and cannot be evicted for either the owner or the owner's relative to move into a building of 2 units or more.