I think that if you play around with the right deals, you will find that return does increase if you lever up to 50%, but if the debt is negative leverage (interest rate higher than the cap rate, going to max LTV can actually decrease your returns due to this dynamic. 

You have no guarantee that the company's value will increase or decrease but you have every reason to believe that over time it will do well.

On the bright side, a lower LTV will decrease the risk of the project for you so it's a good buffer to have on your first deal

I try to find out what expenses can be eliminated, decreased or offloaded to the tenant instead of just rely on rent hikes 

We've created a concept called the Three Pillars of Real Estate® --> Market Cycle Debt & Exit Strategy.Once you learn how to use all there in conjunction, your risk decreases, and you start to build a real estate business.DM me and I will send you a copy of our book Creative Cash, which dives into the topic in detail.Gino

The majority have had substantial recent price decreases, which seems concerning for long-term property value appreciation.

Bad snow (no snow or less snow than normal) = less bookings and lower rates due to decreased ski demand. 

If you buy a second property at current interest rates you would always have the option of refinancing one or both properties at a future date if interest rates decrease which would increase your immediate cash flow.

As you pay down the principal the portion of your payment attributable to interest will decrease. 

Californians population has been decreasing slightly, CA lost a seat in congress.