For example, if there was something like a global pandemic or credit market crash, I might not be able to get a refinance loan.

They are setting us up for a crash beyond all measures. 

You will only compound your problems if the market crashes, you will have 50-80% less cash to reimburse all those tenant's  deposits that may have to move because of said crash's trickle down impact on them.Also, it may be illegal to do(maybe this should have been first)

What you are asking is the same question that every single investor has today:  Will there be a housing market crash? 

Also a great crash course in how to do small ground up development.

People have been waiting for change (i.e. housing crash) for a good 10 years or so now.

Hi Johann,I doubt you can (for lack of a better term) "Fight City Hall" on this one.If they cancel you, and you have a mortgage, they will Notice the lender you are no longer covered, which will probably trigger some "unpleasantness" for you.And seriously, have you not walked your own property and noticed the cement sidewalk heaving up (if that is what the 1" lip is) (???)

Strictly my opinion ...No, we're not in or approaching a "bubble".We ARE, however, in a housing shortage.This was predicted just after the crash of '07 / '08 when some 80% of builders and developers went under.

Think of a car crash scenario, your insurance will go after the one who damaged you.

Between their interest in what I'm doing and my parents fear of inflation and a USD crash they've become potential partners.