It's a doom cycle that every major empire has gone through before.

@Greg S: In Texas, they wrote a law specifically stating that the property owner must show proof that the Deductible amount is/has been paid. 

I can find a nugget of information that guides me to understand where we are in an interest rate or buy/sell cycle. 

However, if you plan to rehab at all, you will then need a licensed contractor to provide bids on each project you plan to rehab.You will then be asked to provide a proof of any funds to close, purchase agreements, and if closing as an LLC - most times documentation on that LLC.Overall, the larger number of units (5+) makes the lending process based more off the property than the borrower, contrary to traditional single family housing.I would recommend you work with a Loan Originator/Broker who will be the medium for you to the lender/s.

My question is have you all seen this cycle before?

The pro of a feeder fund is if you trust your FF GP and they are well connected, they can be performing due diligence on multiple operators.  

California landlords; it may be beneficial for you to thoroughly understand prop 33 during this election cycle and, depending on city, how it may impact your business 

Besides the long investment cycle, you have to know a lot about zoning, development, local politics, irrigation, farming, subsoil conditions, easements, utilities, development costs etc  Don't fall for the idea that just because you bought it at an auction means you've got a deal.The "easiest" land game to get into is to buy buildable infill lots

Like I said you have proof of experience.

I don’t know that it’s there yet, but Lee county has the fastest boom and bust cycles in the state.