This stability made it possible to pull out capital and keep reinvesting.However, the landscape started to shift drastically around 2020-2022, when interest rates plummeted to historic lows.

And I was looking at the numbers as house prices just started plummeting. 

Yes you are giving up a rate that you probably aren't going to see again anytime soon, but as long as you aren't locked into an extensive penalty period you can always refi again if rates plummet to the point that it makes sense to do so. 

Completely in amazement at all the damage and feeling the heaviness from other homeowners that either lost a home or could be, due to the tourist numbers plummeting in the area for a long time!

And the moment the US declares BTC illegal, or China establishes a global digital currency that replaces BTC as the new digital currency to hold, the BTC will plummet and demand evaporates. 

Let’s say it is now worth $50M, because NOI has plummeted and cap rates have risen im a brutal 1-2 punch. a $7-8M capital call leaves you underwater by several million dollars.I’d personally be tempted to Just hand the keys back in this case and bow out of the capital call.

However, new construction starts have plummeted since 2022/2023, so within the next 1-3 years current projects that were started in 2022 will finish up, but the pipeline of projects that started in 22/23 is way smaller so projects being completed in 2025-2028 will be significantly less so supply and demand should tip back (all else being equal).

Transaction volume has plummeted from an estimated 1.35M to .76M from 2021 to 2023 (this is for Single Family Rental Property Investment Purchases - total volume).

However, deals are few and far between here;  prices have not profoundly plummeted, interest rates are still high, and quality inventory is scarce.  

My issue is that in our area if vacation rentals are not allowed the property values plummet!