I agree AC repair emergency if it's too hot.

Sometimes, even a cash buyer can have trouble putting in the winning offer when the market is hot enough.

Don't see it as an issue as long as everything else checks out fine...i.e didn't lose their house to foreclosure etc.No doubt I would ask why they are renting now.I just rented to someone that was in the process of selling their house juts 5 miles away..... place was too big for her now, and the market is so hot she wanted to take advantage of the profit she could make, but has no intention of leaving the area due to family and work etc, so at best she would be selling and buying in the same hot market so it would be a "side move" rather that moving up/down in a property.

We ripped off all the old siding, insulated the walls, Tyveked the whole building, added all new siding, added two furnaces and two hot water heaters and added FOUR new bedrooms. 

We have two small kids and we aren't there right now cause it was getting too hot for them.

In terms of preference, ofcourse closer to LA or NYC is great but if that's not possible, then will any day prefer cooler places -including mountains- than hot and humid florida.

In this hot market, it can be hard, but not impossible to find good SFH rentals. 

May not be so in other areas, but most anything along the HWY-35 corridor from San Antonio to Dallas is hot!  

The obvious risk here is that I could have a lot of extra interest over the life of the loan, and higher monthly payments if rates increase.Link: https://themortgagereports.com/65099/fannie-mae-predicts-2-9-percent-mortgage-rates-by-2021I'm in Dallas, Texas right now, and our market is surprisingly getting pretty hot.

I have 5 SFR's in Desert Hot Springs.