@Bruce Woodruff why worry about the amount of equity in a property.Let the threat of lawsuit determine the amount of debt on a property is no way to run a RE property or business.

If you build up your network, your lack of funds issue will start to disappear. 

BUT, the proof is in the numbers, as high paying blue collar jobs have disappeared in the last 40 years, the gap between the earnings of those with extensive education and those with limited education is HUGE and growing.  

As you will deal with every horrible thing in life.... tenants disputes, sleazy contractors, the city who hates your grass, everyone has a sob story and can't pay rent, be emotional ready for evictions and threats, and know your lease and local laws.

One thing that wasn't mentioned is that the road leading to many of the homes often floods making a good portion of the rental homes inaccessible during storms & also resulting in early evacuation due to storm threats. 

He was too dignified to go to a state school.I was impressed how $1500 worth of books could disappear at the end of each semester or year.Don

Rather, I evaluate the credit and civil judgments for threats to the income, overall payment patterns, total amount counted as delinquent/collections. 

Is the property value decrease a big concern as the threat of a recession looms?

Door lock, detector batteries, other consumables, replacement of damaged or disappearing items like pool towels and linens, replacing blown out screens (I spent over a grand just on screens last year though we did have a freak huge hail storm).

Nor would I buy here with the looming property tax threat against STR's.