We develop and the returns are great but your exposure is significant.  

That 1st mailer, or billboard, is an "exposure" piece.

So we refi’d or sold to reduce debt exposure due to our perception of the economy.  

In which case I would worry about legal exposure.

My thoughts are that it would help create more exposure in REI, give me real-world experience, appease the VA when approving my multi-family property and also help me make the plunge out of my W2 (which, admittedly, is slowly sucking the life out of me). 

Private lenders allow for much more exposure to a borrower than traditional banks do. 

Your exposure to risk varies based on your honesty, ability to document, and your location (e.g.

Knowing this on the front end limits any exposure to major fluctuations on deal terms once submitted.

There are some guidelines in place that limit the total exposure to 80% LTV which is good.

Focusing on markets with stable property values or less exposure to national trends can also help.