Investing in the market that you have knowledge of and the economic factors that support it is necessary. 

Fortunately, the investors I partner with have plenty of room in their lines of credit to support multiple deals and still have a sizeable buffer before they max out the credit.

Unfortunately, unless you see the underlying financials as well as supporting data for those financials, you do not know whether there actually was cash from operations to pay your distribution or not. 

Now they are priced such that rates must go lower in order for the deals to work, and I'm not convinced that reality will support that bet.3.

And also, thank you for your support! 

Yes, I'm a Property Manager in the greater Phoenix area.We are a mid-size property manager, large enough to have great tools and support but small enough to provide personal service.

If they support a rent increase, you could look into raising your rents by that amount to offset the cost.

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

I called their tech support only to be told they would submit a ticket.

interest rates just don't support it right now.