In all reality we probably won't be able to jump into this for another year unless I suddenly get a big bonus or something that helps quickly pay off my student loans and build a bigger reserve.  

The market is definitely surging right now.

Suddenly you'd be in way over your head and may be forced to unload some of those properties or go through several costly refinances back to 30 year loans to try and free up some cash.Now, that will most likely not happen, but it surely has to someone before.

Eventually that could (or more likely 'will') impact appreciation and the 'fire' of the market....maybe slowly, possibly suddenly like the black swan of 2008/09.

Moreover, in the last recession, after an initial vacancy surge, occupancies actually surged and have never let off because so many people were forced to rent who would otherwise have lived in homes they owned.  

I suddenly have two different clients who have houses they want to move. 

The lender put her through the rigorous application process and suddenly the loan officer is telling her that he JUST discovered that the guidelines require her to put 15% down instead of the 5%.I'm pretty sure that's false, but I want an official reference (on the web) to show him it's false (unless it's not).

This jerk was there less than a year ago and said nothing about it but all of a sudden its an issue.

In my Market all of a sudden our main title company said he could insure our tax sales anymore.

Which meant all of a sudden we were replacing another floor of windows.