Hi Paul.I would recommend Ken McElroy's The ABC's of Real Estate Investing - Secrets of Finding Hidden Profits Most Investors Miss.  

I wasn't arguing the value of that lot, as I feel it is correct. 

For instance you could live in the home in year 1, move out for years 2 & 3, move back in for year 4, move out for year 5 and still qualify for the exclusion.If your tax preparer continues to argue about this just do a google search for "Topic 701 IRS".

The first book I read, before learning about Bigger Pockets, was "The ABCs of Real Estate Investing".

A global market crash would require some major global crisis, which nobody can predict, but even then some local markets would thrive.People want to predict a crisis, but I would argue that you should always be prepared for a crisis.

It becomes a drama where the kids argue "but mom said I could" and nobody wins.

Some will argue that it's ok to buy in your own name and get a general liability insurance policy to cover you and the properties.

@Ashley Crump The ABCs of Real Estate Investing by Ken McElroy.

@Sam Bedich I would argue investing your "reserves" means they are not reserves. 

Each of those markets is reacting and will react differently to a recession or downturn.I would also argue that @Brandon Turner is diversifying across asset-types and locations.