However, as I think of other benefits, I see a couple that I wanted to run by those with experience in this realm.1) Am I right or delusional in thinking that the properties that have not participated in rocket-like appreciation will not suffer to the same degree if there is another downturn if the cash-creating spigot ever turns off?    

They also contract with consultants to find the illegal and unregistered places.I can see a lot of places where it might work and that are really geared up for it....places like Orlando or beach resorts...I surprised a bit that the apartment operators themselves dont set up a couple of prime units to do it themselves in locations that would not disturb other tenants.Cody from San Deigo who owns a bunch of MF in Houston talked about this in a thread were one person rented like 20 or 30 of his units to do the arbitrage then when covid hit he said they walked.  

I have a property in Houston, TX and a property manager for that property.

.; Milwaukee, WI; Seattle, WA; San Francisco, CA; Los Angeles, CA; San Antonio, TX; Boise, ID; Houston, TX; Indianapolis, IN; Detroit, MI; Denver, CO. 

Most info is public records,  there's not much info about a loan that someone with the "know how" can't figure out just with an address or name . if you are wanting to invest in distressed properties you need to learn these things (not rocket science) with all due respect to Realtors  but very few really know distressed properties investment they usually will look for someone like me to do the due diligence for their investors but then again it pays to know the right people. 

Looking on advice In buying my first property in the Houston area.

Could anyone recommend one for the Houston area?

HelloWe have some rental apartments in Houston and the pipes burst ed because of the recent freeze.

Second, cash out Refis have been easier because comps have sky rocketed. 

I am in the Houston market and I am not sure how I can support your efforts.