@David Luu I'm not interested in living in cold-weather US states where there are hail, snow, ice, tornadoes, hurricanes, 100F daily weather, or subzero winters.

And to what you said Bill, I advise everyone START with best quality PM they can find, and then LEARN, adopt, get things down where they can self-operate, ride that coat tail.

People with fixed rate / longer duration debt were able to ride out the market turbulence.John

If caught in the act, you can serve them with notice which may be enough to discourage the actions moving forward, however if they want to take you up on that and ride it out, it won't be done before the lease is up. 

If the property values in your market soften, if the tenant moves in and destroys it, fire, earthquakes, floods, hail, hurricane, another lock down requires you to keep a non-paying tenant - honestly anything - and my position in the property is at jeopardy.

That being said, stay the course and someone will come along for the ride.

They could either take you for a ride price wise OR they could under bid the project up front and you get slapped with higher costs than you were expecting.

What a wonderful ride it was!

But I can probably plan on a drop in prices at the outset, but as many have pointed out, R/E DOES ride the wave of inflation overall. 

Also - Stocks had quite a rocky ride in the 50's, 60's and 70's, all the way to the dot-com bust in 2000, which was the lead in to the real estate runup to 2007, rates were held too low for too long.