If there is a longer term lease in place, either party can become irresponsible or irrational yet the lease binds them together and makes them perform.

I'm even more confused by your second post.I don't know anyone that's had their loan called so it's an irrational fear.

I personally love 121 but don't let the irrational fear of taxes get in the way of your performance.  

I believe your market has to out price paying tenants at some point while you seem to imply that the "irrational exuberance "can continue indefinitely.

Another example of politics making irrational laws.

This bumps my average IRR at exit up into the high teens and often mid twenties for shorter term (under 5 yr) value-add holds.If not borrowing though, I'd stick to mutual funds. 

I would say appreciation calculation assuming 6% rate for next ten year may be 8-11% IRR at its best with 40% LTV to reach DSCR 1.0 in most scenario.

Commercial :Self storage (city) : going downSelf storage (rural): going upWarehouse: going up, 20% IRR at least  Class A in big city: deadClass C rural: there're some hope Multifamily 5+: with floating due on 2024 is basically die die die ...1980s office building: crash1990s office building: "convert-me-to apartment" mode.Residential SF:Milwaukee/Birmingham/Indiana/South: Modest or StrongSan Jose SF: FlatHawaii: overall flat except Honolulu may be going downSan Francisco: slow crash AZ: Airbnb pressureInterest rate for sure going down, there's no need for crystal ball.

Is this just an irrational fear?

Charging me extra money to make them money seems at best irrational and at worst, just plain greedy.4.