Once prices cycle here in Southern California I would like to invest locally, learning to buy at a discount during the downturns, rehab and hold until it makes sense to sell again, or just hold forever.  

Do a quick google search for "building life cycle span" and play around with the wording too. 

Seeing where we are in the market cycle, if you started today (as opposed to 2013) would you use the same strategy or would you do something different?  

You need boots on the ground for certain, as well as, zip code specific demographics on market cycles and trends in each area you explore, check with the Economic Development council locally aware of development in the area and future plans.  

Now there is a lot of capital chasing deals and many people do the math on the best case and decide it's worth betting on the future appreciation or that the projected return is still better than other alternatives.If you're a value investor like me maybe having to pay sellers for value they haven't created themselves (and may not materialize) is a sign that market prices have gotten ahead of intrinsic value and we're probably closer to the top of the cycle than the bottom.From there it's a matter of deciding what your holding period will be.

It hasn't hit a peak but the market won't be the same like the last cycle.  

The reason is each asset class cycles about every 7 to 10 years historically but all at different times.So with clients who are buying commercial properties I want them to have the flexibility of deciding when to refinance or sell when market conditions are right versus not a good time in the market and because they went 5 or 3 years fixed they are now in a pickle.Sometimes we do go 5 years when it is a 5/5.

The only reason to deleverage is an anticipation of correction in the market assuming you are unable to hold through the correction cycle.

Hi Justin, I recently bought a duplex in Portland and cycled through 3 handymen.

The stock market cycle is much shorter and completely different than the longer-term real estate cycle.