Its understandable as more economic turmoil overseas leads to more investment in the US, coupled with a natural desire to create passive income. 

I'm curious rent deflation risks I should assume given that I believe we are headed for a serious economic correction globally.Thanks!

My backgrounds are in economics, accounting (CPA candidate), product design, & engineering — I know, quite a lot but I’m a lifelong learner.

I do know that Cleveland is enjoying an economic revival based on healthcare (Cleveland clinic regional hub), but long-term, I don't know what that will translate into population-wise. 

If someone wants to get to what I call the Economic Independence point, where the cash flow is large enough to cover or exceed all monthly expenses, focusing on cash flow is good as long as the quality of the properties and the other criteria accompanying cash flow are still met.If on the other hand one is young enough and has a longer infesting career ahead so that the economic independence point is not the main driver, the equity you are pointing out can be used after a while by applying HELOC to keep growing the portfolio without losing the high-quality asset.In some ways, there are investments in real estate approaches that are more complex.

There's nothing you can do to effect the economic environment around you.

. - I liked what you mentioned until the last sentence :) Looking for areas that have bigger economic engines that can create stable renters and lesser headaches.

It is relevant, because the present day economics are not much different.Basically, if you were thinking of taking on a 32-unit multi for the first time, would you prefer to swim with or against the current?

However, we have the issue of storm water management (aka the rain tax) which is another example of the government not understanding the economic impact public policies have.

If buying the HOA Lien and paying off the mortgage makes economic sense (unless there are other liens) then yes do it.