If your time horizon is decades and this asset type doesn't hit the market much, this may be ok.  

Have there been any special assessments in the past, or are there any red flags that could indicate a special assessment on the horizon?

But at the same time, a long time horizon more or less takes out some of the concern as to whether today or tomorrow is a good time to buy.Seems to me its prudent to be cautious on whether to buy, but at the same time I dont see any reason to stop all together because you are worried about a correction.

It's hard to see prices dropping with the inventory being so low with no surge increase in inventory that I can picture on the near horizon. 

Do not let a number get in your way of expanding your investment horizon, but most importantly make sure to consider the risk involved, regardless of the level of participation.

@Laura Moreno Brownsville has a long time horizon.

@Anthony Angotti On a longer term horizon, I'm setting aside 60% of income for CapEx/Repairs ($500) to get the building up to MY standards.

- what's your investing horizon?

I have some funds planted in an S&P 500 fund but with my horizon being early 2020 I am getting a little weary about losing principle especially with so much fluctuation in the market. 

You make it up in 3 ways 1) The government is loaning money at very low interest rates 2) The property appreciates in value because rents go up 3) The mortgage gets paid down while you own it (if your loan is not interest only)All of this works very well in today's environment but just be careful you're not holding one of these properties when interest rates are 10%, rents and occupancy are dropping and your note is called.But if your investment horizon in the PPM is 3-5 years what could go wrong?