@Wen WuIf you are thinking that the LLC makes you immune to a lawsuit, then you need to have a serious discussion with an experienced attorney to get the best informed answer to your question.  

MFH is largely immune from cycles as you can force value by raising rents and lowering expenses.

I would think the issue would be if rents soften and go down or you have vacancies.. keep in mind not all apartments did well in the down turn.. in Vegas many lost apartment complex's same with Phx.. when vacancy went to 30 to 50%.. they lost them to the bank.I know of one big apartment owner in Oregon who sold their prime Portland 3 and 4 caps chasing yield in vegas 100 million dollar roll up.bought vegas in 06 with max debt and by 2010 he lost the entire portfolio to foreclosure.. in the meltdown nothing was immune.. although Portland ( and this is all very regional) that rental market was strong.. but today as we sit here it is weakening in Portland rents are coming down.. and those that have built new complexs are going to be stressed  for sure.. when rents get higher than owning which is kind of what has happened.. this thought that millennials don't want houses is just not correct.. they are not brain dead.. they know rent is a waste of money so when our rents in PDX get to 2500 to 3k or they can buy a brand new 400k home for the same price.. that's who is buying my new builds its that 30 to 40 year old new family.

some worse than others of course. don't think for a minute that rentals are immune.. you have landlords competing for tenants start moving in with family.its not so much leverage as it is reserves..

This would not make you immune from estate tax though if it applies.

I’ve bec9ne immune to sob stories pleading and people’s plight in general.

The people at the city act as if they have immunity, even when they are wrong, they don't have to pay the piper or cut you slack.. 

And yet, during a typical recession, very few -- if any -- markets are completely immune. 

The initial post that I responded to indicated that cash flow was immune to the market which is not the case (as evident by Las Vegas and Detroit) even if the market did not affect the cash flow in your market at the GR.The smart investor is prepared to handle what the market brings, is in a position to pivot if necessary, and has multiple exit options. 

When I purchase $400k NOI for $4.2M with $500k NOI year 2 and $600k year 3 WITHOUT major unit capex I immune myself to many (not all) market risk.