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I fear that you and your friend have big ideas and won't listen to what anyone tells you.

The fear for a long time was that the short hold time by the individuals would cause an "intent to hold" issue with the 1031 exchange. 

My fear is they stay in the property after the lease runs out. 

@Scott Wolf That was my biggest fear.

Does it have something to do with location, fear of failure, or something else?

If so, you should accept and be comfortable that you are paying in large part because of your fear.2.    

Instead of fearing a crash, we should recognize this period as an opportunity for the market to regain balance and for potential buyers to find more reasonable pricing.

As for the other recommendations suggested, I would have suggested the start with one unit but I would defer to local expertise and therefore fear @Jim K. is likely correct.  

My agent refutes all of our fear mongering.