The weather is fantastic is you like a drier climate.

We can argue about what's going on to cause cycles (interest rates versus supply/demand), but ultimately, I prefer to look at history instead of theory to make my predictions/forecasts. 

Complete one BRRRR in a cash flow positive position in a forecasted appreciating market.

While winter months often see a slowdown in rental demand due to holidays and colder weather, hastily lowering your rent may not be the optimal solution.

(and I'm not suggesting all the equity goes away...) but the current hot market can't continue to run like this much longer - especially with the FED forecasting 3 rate hikes, etc this year.  

I would buy Class A property, putting down significant down payment so that the debt payment will moderately cashflow (not looking to replace income, but can weather downturns in the economy and not worry about debt service). 

Weather financial, management, bad neighborhood, etc Improve your risk reward going into uncertain times.  

Weather going portfolio loan or equity, I can see the pitfalls and positives which brings up a few more questions.

I just learned “Somewhere Over the Rainbow” on ukulele and *dreams really do come truuuuuueeee* :) I got to enjoy the warm weather of Phoenix for my first week on vacation before quitting, for MY 1st Nephew’s 1st BIRDTHDAY!

Undoubtedly, the great recession did hit the real market, but MF, in general, did better in weathering the storm than most asset classes.