We are nearing the peak of this economic cycle, and development tends to be one of the first aspects of RE to slow down during a downturn. 

Unclear who “middle class” is but it’s usually defined in the past as sub-$250k income.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Yes indeed mate.I probably would have fixed the rate also but "underwritten" the deal from a worst case rate scenario like I would do with SFH if financing.I'm not versed in large multifamily deals and would love to learn more.I think I could really do some "damage" in the field because I own and run a property management company and we run a tight ship that's very well optimized from an automation aspect and affiliate fee structure standpoint.So my bottom line for example buying a 50 or 100 unit would be much safer/higher due to in-house PM and "working" the margin.

I think the more interesting aspect of this entire decision is with the Buyer's agents.

We have cheap properties where I am at lol so it's a good thing in that aspect, but bad when financing.

A win for everyone except agents and even then, there are aspects of having to have a buyers agreement signed I find appealing.

For instance, I make much more money in Appreciation (the Investment aspect of RE) than the fees I charge for managing the property or even the Cash Flow.2) "Cash Flow is NOT a characteristic of the Property. 

It definately wasn’t to  the bank’s advantage to let you get behind.

Also, what generally defines the line between something that would be filed against the homeowner's insurance vs. the renter's insurance?