I have about 4 years experience as a new residential home building partner pre-2008 before the crash.

I'm not a lawyer, nor CPA, and you need specialized advice.But here are some suggestions:- since you are dealing with partners, you need to have things very clear (what do you think it happens with the multifamily and the joint account if one of the partners hits someone's Lamborghini and crashes into a mansion and/or putting a person into hospital?)

What you don't want to have happen is you get the perfectly-appraised property and then the bottom falls out of the city it's in and the values go into the trash and you can't recover (different than a general real estate crash, because those tanked values will come back up...just don't sell while they are down).All the while, have that steady cash flow in place. 

Current sales went down but prices are still climbing.We recently invested in Victoria as it has the correct economic fundamentals in place (GDP, Unemployment rate, transportation and population growth)Banks in Canada have always been careful as far as lending (which has sheltered us from the 2008 real estate crash) and there’s no signs of seeing that change in the near future.

@Caleb HeimsothThis could be the beginning of the end bigger than 2008 crash.

Texas is very business friendly state and now diversified with so many industries... even oil crash did not impact in last few years.I am surprised to see Brooklyn and Boston in this list...

If you have not done construction in the Bay Area in a few years you are going to be in for an unpleasant surprise when you bid something out... prices are crazy right now.

Or other local conditions.Here in MA, our prices are about equal or slightly over the peak before the big crash. 

I think we just about broke even, but the learning experience on these two properties will be with us forever.Things were looking up, but I started a hotshot delivery service right before oil crashed in 2014. 

Even over the ‘07-09 crash.