I haven't seen anyone super leveraged last 2 recessionary cycles.

@Steven Rosenfeld, while all markets have cycles, I agree with many of the posts here.  

It’ll allow you to grow and transact enough to qualify for better terms and less downCombining different funding sources doesn’t eliminate the seasoning piece on the refi, but does allow you to keep buying until you refi and can continue the cycle

I hope I can prepare for the next market cycle and keep the process going.

I’m talking to nestegg tomorrow and will see if it’s the same or they offer a bit more on the beginning and end of cycle.

Lenders are not in the business to own properties, so that is really our course of last resort to be made whole again, and lending up to 95% on investment property, in potentially an economic cycle where asset values may be declining, means ANY lender is going to be underwater on the property at such a high LTV.

I would consider Bryson to be on a 10 month cycle for rental occupancy. 

So instead of 12 month lease, suggest 8 month lease to get it back on school cycle, and then next time do 12month. 

During certain market cycles and in certain markets, of course you are right that equity can give great returns, but also periodically people just get WIPED OUT!

Bottom-line, if you're inclined to have the parent pay nothing in rent (big picture), then just wash, rinse, and repeat the cycle of giving them $14,000 per year per person, and the parent may commingle the gift proceeds with other income and pay rent and other living expenses.