We're probably not going to take the risk if we're busy agents to play that game. 

It's hard to harvest equity on these plays, unless you commit, long-term, towards very light leverage, as the only practical ways to benefit from the equity in your portfolio, if you plan to never sell it, only exchange it, for a lifetime, are to spend the cash flow, or cash out refi.

This is me playing devils advocate of course.

I give it ten or so years before we start seeing this play out. 

Hi Lorenzo, Within my 20 years of experience, I’ve seen this play out many times, especially in competitive markets like East Boston.

They are too close for comfortable game play.

we invest in value add plays (no major rehabs) 10-40 units.

This is going to keep your bid honest, rather than lazier and keep your cash position stronger. 4) The only time you spend in this, is finding & closing on the quality assets and playing devil's advocates for repair/rehab/fixing costs.

And a single or double play is awesome.

This could be an awesome play..