@Jordan Sachs I can not speak to PA but in MN, yes, I have seen similar scenarios play out. 

Just speaking from experience.

Buy good quality things once rather than poor quality and pay multiple times to replace it.

Currently speaking with a local realtor about the STR zoning issues, insurance issues, and current/future market in Florida. 2025 should be a good time to look for a property there. 1.

Also it would be worthwhile to speak to a financial advisor on how to best diversify your portfolio and maybe you can even use your currents investments to get loans for real estate. 

Hi Vid Vin,I can speak to my experience investing in the Detroit market since 2018.

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

Days on market is about 2 months, slightly better than earlier this year but relatively speaking, it's still a more balanced market compared to rest of the Bay Area.

You need to look into local community banks and speak with their commercial lenders.

Take for example the lack of productivity where construction projects often experience time and cost overruns, rework or quality concerns.