So things that are a red flag for me may be fine for someone more aggressive.1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

They set themselves up for big losses when they cycle ramps back down and stabilizes to decades old norms.Texas as you know has very high property taxes and for multifamily can eat you alive as tenants do not reimburse like with retail.I can tell you in the 3 to 4 million range for multifamily nationally there are just tons and tons of buyers.

Maybe next cycle is 4yrs or 5, ok, than the 2 buys 4.     

And once again, I am wasting cycles explaing my actions.

Buying real estate is still a great idea, but overpaying for it has been shown time and time again through down cycle through down cycle to crush investors.

So, open your mouth at your risk if you're doing something illegal.Next, under the SAFE Act it will be very easy to nail scoundrals, cheats, thieves, scammers and ripoff installment sellers that put people in deals, collect a down payment, then declare defaults, (the rinse cycle) and go on to the next buyer (the repeat cycle).

The development cycle in Chicago depending on the size of the project is 2-5 years from site acquisition to open for biz. 2.

However, if you perform a value add then you can somewhat insulated against most depreciation cycles. 

Adaptability: They adapt to changing market conditions and economic cycles.

CA is a very unique place to have rentals and not an easy one to profit on throughout the entire cycle -purchase-rent-manage-sell.Your income is high enough that you are likely accustomed to a pretty nice life.