Higher end home buyers are usually more rate and market sensitive.I see you're down in Texas, so if that is your market, weather plays less of a factor consideration as it does for us up north (no one likes to move in the winter unless they have to and things slow down considerably).  

However, if you can weather the storm for a while, Danville, San Ramon, Pleasanton, Dublin, and Livermore all offer amazing appreciation, tax benefits, and principle pay-down opportunities. 

You asked about the risks and benefits of using leverage in real estate investing.The reality is leverage cannot be avoided, usually, in real estate investing.The risks are you get over-leveraged and your don't have enough cashflow and reserves to weather a market shift, extended vacancy, or major repair.The advantage is you increase your ROI by using other people's money and as little of your own money as possible.

I live in the south, so between high moisture/humidity and weather, moisture is present.  

Pests, rodents, severe weather, destructive tenants are also unknown and can only be estimated. 

I didn't know Peter Picknelly was in real estate but I have mutual contacts with him and when the weather's warm enough walk by his house a few times a week.  

Our next meetup is 6pm on Nov, 14th at The Athletic Club of Columbus Haha, it was hard to say goodbye to the palm trees and the weather but I moved with my girlfriend since she is attending grad school in Ohio State.

Off grid-  if you go off grid truly understand seasonality of weather and the sizing of your water cistern.  

Are bills like electricity and water something that's figured into weather or not a property is self sustaining?

Southern EuropeSouthern Europe is what Mexico is to Northern Europeans, with the nuance that Southern Europe is full-fledged developed so it's mora a mix between Florida and Mexico with a weather more akin to California.