I sense pricing is high as well, and that we have reached the top of the business cycle with respect to multi-family.There was a run up in pricing after the last crash. 

Going forward, I'm going to continue to build my reserves, buy a similar property, and continue this cycle until I'm wealthy and retired in Belize.

It’s normal for there to be occasional rain, just part of the business cycle.  

So a sponsor that's great for one investor will probably be terrible for another (and vice versa).I'm a conservative investor, so when I invest in multi-family I prefer sponsors that have at least one full real-estate cycle of experience, little to no money lost, low leverage, and high skin in the game.And there is an apartment operator that has multiple real estate cycles of experience (decades) with no money lost, low 65% less LTV, and high 10%+ skin in the game.They market under 506B so are prohibited from posting publicly on the Internet and instead function by referrals.

The primary advantage of the BRRRR method is the ability to extract your initial cash investment, keeping your investment cycle active.

There will be boom and correction cycles in future years. 

These guys understand that markets work in Cycles and your regular clients are the ones who will always be there to support your business.

Everything runs in cycles in real estate. 

I should have seen my payment wasn't debited in a timely manner (notwithstanding that the time between the tax filing and letter from IRS didn't even cross a statement cycle.) 

Maybe we can try to structure it as I/O for 5 yrs- will free up a bit of cashflow and you can refi and cash out once the rates cool down in the next 5 year cycle or so.