On the other hand, when you're dealing with large amounts of units in a multifamily setting small rent increases can substantially impact cap rate based value.

The answers to the above questions can certainly impact your ability to borrow/refinance.

Lots of counter space would impact my replacement ideas. 

Vacancies really impact your bottom line but you also need to keep rents close to market or you lose that way too.  

The reality is that the impact on financing and cash flow can make a decent deal a risky one.

A mortgage or lack of one does not impact that. 

If it is against the rental it increases the loss that I carry forward so has no real impact to me at tax time.

Rents werent even impacted like that on the last housing bubble fiasco so I think we are good there.As for stocks, it is scary thinking what might happen.  

I'd expect this to impact most gateway cities, particularly SF and NYC.  

Hypothetical ScenarioI pay 200,00 for a house15 years later I have paid off 190,000 of the 200,000My equity in the house is now 190,000 (not adjusting for appreciation or depreciation)I pull out 70% of what I own in this home because that is the max the bank lets me take out against the propertyA recession hits and every house goes down in value including mineMy 200,000 dollar house is now worth 150,000I still own the house, my mortgage is on a 200,000 dollar home even if it is only worth 150,000 at the momentI am in the same situation as everyone else who has a mortgage and a house worth less than the mortgage they are payingQuestionsTaking my money out of the house has no negative impact on the property right?