I've seen it a couple of times, and it was obviously worse when the weather was warmer and it's barely warm at all right now.

@John Franczyk on the tax front, there is no expense you cant write off, or business tax benefit that cant be taken weather you are an LLC or a sole proprietor historically, its all pass through anyway, for example if you have a HELOC on your personal home, and use the money for business purposes, the interest and expenses are deductible as a  business expense. at the end of the day it makes no difference, unless you are avoiding  SE and filing as an S-Corp, but thats for active income, not passive.

Highly leveraged players will get knocked out first, large players with deep pockets will weather the storm and will start to acquire the excess supply.I had a very interesting conversation with a guy who's job it is to crunche numbers for REITs and pension funds - they will go all across the country for a solid 3% ROI.

In fact  such homes are often of superior quality because they are built in climate controlled indoor plants rather than lots of inclement weather. 

So if you want to estimate the income that will show on your K-1, take the forecasted NOI, subtract loan interest (not the principal payment), subtract depreciation (take the purchase price, multiply that by a decimal that is the the ratio of structures to land assessed value on the property tax bill (usually between 0.6 and 0.8) then divide by 30), then subtract amortization (nearly impossible to predict, if you ignore it you’ll just get a conservative estimate of the taxable income).  

And if you're buying for long term, you can weather downturns and ride them out as long as you're getting cash flow.

Only on the weekends and only if there is good weather. 

It depends if you want a large lot, weather, close to transportation, in walking distance to food and transportation, or don't mind driving. 

Sounds like you can't golf year round because the weather is too bad...).  

It allows you to weather storms and bad times so that you can enjoy the other +20 years of good returns.