While I don't think we will encounter another Great Recession, I wouldn't be surprised if some strange black swan event has some adverse effect on RE, and I don't want my numbers to be tight.

First rental hit the market 3 days ago and I've been swamped with interest; it's a great problem to have but now I've got questions.First question is in regards to adverse action letters.

In Washington State, if we deny based on information from a consumer report (such as credit report, rental history, etc.) we are required to also to give them an "Adverse Action Notice" (RCW 19.182.110 & RCW 59.18.257) that states the reason.

To answer your question depends on you.How much risk adverse are you?

If I were dealing with this, my big concern would be if there were a title by adverse possession thing going on.

Without a legitimate license, my understanding is that you will have a difficult time getting through adverse situations as a landlord such as evictions/ejectment because you are essentially running an unlawful operation. 

That's worked for me twice since the adverse ruling came down on these sort of charges.

The older I become and the more responsibilities I have, I've become more adverse to risk.

Seems like downtown Memphis was adversely impacted in June.

Now this is probably overkill but my wife is not as risk adverse as I am so I needed to show her all the ways this could not go as planned and how we will be ok even if all hell breaks lose.