Know your personal risk and adjust.  

Likewise, suggestions on pets and adjustments to rates.

Each lender has different requirements, is an 18 inch adjustment on a boundryline fence acceptable or is 24 inches this banks acceptable.

Real estate is still a block-by-block business and there are always deals to be found by sophisticated underwriters, but all of the apartment and industrial deals we're seeing are priced to perfection with little margin for error, whereas neighborhood retail is providing strong risk-adjusted yield in comparison.  

Top discoveries so far: electrical boxes which are depth adjustable, pex supply lines, sink drain wrenches, and handheld ratcheting abs cutters, cutting in paint without taping (the Idaho painter), Wagner paint sticks, and heat gunning drywall mudd for a quicker patch.On contractors get a handful of rough quotes (~7) over the phone on each item, 3-4 in person walk through bids, and pick the person to do it.

If we see signs of a crash or even a shift we can adjust.

In fact, if the Sponsor is focused on preserving, protecting and returning capital, they should be presenting some opportunities that are providing a steady risk-adjusted cash distribution that are 7 - 10 year holds (or reorganization at that point) depending on debt terms that are placed.  

If you have adjustable rate mortgages, my suggestion would be to refinance into 30 year fixed rates, while rates are already so low.

An inflation adjusted 6% is okay but I was really hoping for 10%.

You should be able to adjust the lot rents to full market levels day one and the customer is still happy because it's lower than what they were paying typically.Another benefit is that at least you know the homes cannot be repossessed by the home lender because you are the home lender.We buy deals like that all the time, and there's nothing wrong with it as long as you understand the risks and what the strategy is for success.