I wouldn't call that investing as you are chasing equity gains which as you know can go up or down over the course of a real estate cycle.  

When you're sitting at 50-100 units under management with a demonstrated track record of more than one standard lease cycle then investors will be able to invest with you with some security.Compare this to the many many skilled hammerswingers that have come through our halls that, because they are skilled at swinging the hammer and have managed a property well, decide to jump into the PM business (or full-scale contracting, or any of a few different ventures) only to find out 10 units in that there is more nuance to these industries than is readily apparent from the outside. 

Multi family prices in UC vary significantly depending on where it is in the “gentrification” cycle; properties by the reservoir and Palisade ave. are A LOT more expensive then properties more in-land, north, and west. 

It has done it many times before.Maybe things are different this time, and the cycle(s) won't repeat.

You should accept the full rent from the tenant and there should be no change to payment cycle.

We've been through two big boom/bust cycles (probably starting a third!).

And the cycle continues...

They get cycled out and cleaned so we have extras. 

Personally I’d up the rent and hold until market cycle comes back around.

However, I'm a conservative investor and usually require at least full real estate cycle experience with little to no money lost, conservative leverage, and high skin in the game before pulling the trigger.