Over the long term, over multiple boom and bust cycles, appreciation averages out in more predictable ways.

In innago each rent cycle is a separate invoice.

The cycle begins before the kids get out of school.

If you have the cash to invest a full 20% down on a primary residence AND it won't hinder your ability to buy additional rental properties AND you are okay living there through a market cycle then I would say go for it.

Every cycle is different though and the next one will create new stories.  

I am considering taking a construction loan for 1-2 lots at a time and land only loans on the remaining lots and continuing that cycle until the project is completed to minimize down payment. 

.#3 APPRECIATION: Not crazy coastal California or New York like appreciation but better appreciation than your typical 2-4% annual you get with typical midwest/south linear markets during normal cycles (not like the one we just experienced).#4 LEVERAGE: Maximize the loan amount.

If you can stop wage inflation, you prevent the following inflationary cycles. 

They say wtf, I'm paying 300/mo more, move again, and the cycle continues.

So far the same cycle for 30+ days and we have not yet accepted anyone.