I've bought several in the past few years at 8-10 caps and they have decreased already and the market is not even booming yet.

Hard part is keeping on the muscle mass.

That's a very good point taking the potential further value decrease into consideration (like when running the ARV for pricing it out to the end-buyer), so it makes sense that, like you said, it would have to be a great deal.

My goal is to add verbiage within the lease that will decrease any tiffs between tenants for the common spaces and how to set expectations and promote group effort with cleaning the common areas/shoveling snow/personal dishes/shared fridge/laundry/having guests and so forth. 

But i'm sure that perspective will increase or decrease as I mature. big difference though in 30 mil in equity in RE and 30 mil in cash after you sold your business or your stock and bond portfolio is worth 30mil.. crypto goes up and down to much LOL.. but I am sure there are plenty of very wealthy crypto dudes and duddets.

If this is how a cash out refinance works, it feels like the strategy is to either have more to rent out within the property (multi-family), wait for average rents in market to increase, rehab the property more and increase rent more, pay off the property/ more of the mortgage and refinance again without a cash out to decrease the mortgage (I don't even know if I can refinance a property twice)? 

How do you evaluate the increase (or decrease) in price of the land in question down the road?

this is not to suggest that borrowing to invest may not be a good strategy; but one must understand that borrowing INCREASES risk, not decreases risk.2. 

When this happens, inflation-adjusted rents tend to decrease.

I have added pre-payment penalties on my refinance loans to decrease my rate substantially.