Josh- I highly recommend investing in Troy, it is a very landlord-friendly environment.

You picked an interesting time to get back into mortgages - TRID regulations are starting in about a month.

Im originally from South Africa and from the research I've done, it's definitely a totally different environment and market in all aspects. 

because a state regulator saw a picture in Facebook posted by sellers celebrating their sale beside the yard sign.  

Fraud and provado will only invite regulation that will kill the opportunities in the industry.  

Construction, especially in less regulated states like Texas, has a higher risk of non-performance.

LLC. lending has very little regulation compared to personal real estate lending.  

That money is liquid, FDIC insured and accessible thru an ATM if you need it.That said, proper asset allocation that matches your timeline is a always good strategy and if you have a solid RE portfolio with tenants who remain in your units despite the economic environment, a recession should be below a few other things on your list of things to spend your time worrying about.In terms of pouncing on a property when the market cools, I'd recommend continued trust in whatever deal analysis method you use.

What do your state landlord tenant regulations say regarding late fees.

And given title costs are regulated (and I have a good relationship with them to get a discount if it was available), I don't think it can be avoided.Maybe it's just a texas thing.