My pleasure and yes, Phoenix is a magical place ;-) Imagine though, we evaluated dozens of properties ranging from 11 to 562 units, made offers, most declined, some accepted and ran two on due diligence - none of them panned out.

To be clear, you can get sued and E&O may still decline coverage.

Many landlords during each of these eras experienced a 25%, or more, loss of gross rents.I can't predict the future, but our next major decline could be due to overbuilding of apartments, a continued trend of cost of living exceeding wage increases, a fracking industry that suddenly gets legislated out of existence, institutional owners of single family portfolios suddenly choosing to liquidate their holdings or even, as you'd said, governmental intervention in the form of rent control. 

Because while neighborhoods decline, sometimes it's not forever.

There are other markets that cash flow but many of them have stagnant or declining populations and jobs which doesn't bode well for long term asset value.

If the service declines, I'll absolutely be jumping ship.  

I would avoid Detroit, I won't invest in markets with declining populations.

Even when they ask if they can pay in cash or check I decline and remind them the lease states direct deposit only.

PML's declined our extension request.

In my opinion I do believe the coming recession is going to cause the property values to decline, to what level that is the question.