However, if you buy with a sufficient cushion of free cash flow after all expenses and reserves, then you ought to be able to weather a downturn.Of course, as others have said, finding strongly cash flowing MF properties in this market is very difficult, given the competition from well-funded investors and institutions, many of whom are buying on a speculative basis (crazy, right?).

What I do like doing is buying apartment buildings near land value as a way to speculate on land while making an income. 

At about year 15 or 20 years experience he became a successful developer in Reno NV, building luxury homes in his own 20-lot subdivision.Personally, I get excited reading about young people who start out small with the BRRRR method, like Austin and William here:@Austin Fruechting @William Collinshttps://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-dayhttps://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goalAt 2.5 years' into investing, couldn't either of them buy a vacant lot and finance construction of a "speculative" home for sale?

Which sort of brings of the speculation bubble that may or may not be forming as a consequence.

Then it becomes speculating instead of investing.

I'm not one to speculate on matters that effect a person's finances

They built thousands and thousands of units just like this in FL, catering to a booming market for speculators.

No more buying speculative properties and using a "furniture allowance" to make the payments.

Another area they usual fail to even consider is stocks move on emotions and speculative news minute by minute.

I don't want to speculate but all the signs point to rental rates rising in the future.