From there, my diligence would move into deal specific items, like current leverage on asset at today's market, effects of sustained recession on business plan, submarket specific items, and more detailed operator diligence: experience through prior downturns, balance sheet, net worth of sponsor, capital from sponsor invested in deal, etc.

We ride the boom and the bust for sure, but College towns and military bases can help sustain your investment. 

Unless you find an incredible deal, like maybe a foreclosure to get it cheap enough to sustain that added cost, it isn't worth it to me.Another thing to keep in mind for Condos, some locations if you use bank financing, they only allow a certain % of units to be used as rentals.

I believe that you should select properties based on sustained return as opposed to letting any pre-conceived type of property limit your choices.

He/she will be able to help you construct a plan that will enable you to reach your short-term goals with the resources to sustain you and get you working successfully toward your long-term goals.

@Oscar MontealegreCongratulations Oscar, Cali has an enormous growth potential in the coming years, and it has been under the shadow from Bogotá, Medellin and even Cartagena which by the way I totally agree is (overpriced) I think Cali Is growing in a sustainable way that doesn’t create that bubble feeling like Medellin, based in a steady growing population of young professionals with great Universities, lot of shopping and super active night live.

It's a great sustainable model as leases longer than 30 days are fine.

I have put my seed money in and at this point it needs to be self sustaining from rents and investing the money into stocks while waiting for the next deal. 

and then you use that money to do another BRRR and in theory you create a self sustaining model.

They can be extremely time-consuming and involve some sustainment costs.