When you buy for cashflow you will be able to survive any market cycle.

Values cycle, swing, etc.

I'd recommend getting licensed, but besides the licensing, I'd recommend finding a mortgage broker who is still growing/expanding their business, and someone who's been in the industry a decent amount of time as going through different real estate cycles really lets you see if you can stomach this industry. 

There are boom and bust periods in the industry that happen on a 5-7 year cycle.

This is passive investing as a Limited Partner in real estate.We can see experience in Assets Under Management (AUM) or the number of full-cycle transactions (acquisition to exit) showcasing operational expertise and the outcome in ROI to investors.Operational expertise in passive real estate investing is the ability of the operator to acquire the asset and execute the plan and increase the value of an asset through strategic execution.

You can be a bottoms up person and try to pick winners (something like NVDA as I post this) or take a top down approach and focus on cycles and sectors.

Hey Bob and Justin,The development discussions around here seem to go in cycles.

My last three full-cycle deals all performed above 20% IRR, even significantly higher, but I don't expect any that are acquired today to see those kind of results. 

Here is some potential advice:  If you can get a 30 year fixed rate mortgage, I would refinance with what will be the absolute bottom of interest rate in this real estate cycle. 

I had several instances where the cycle of receiving a payment only to find out later it was a Non Sufficient Funds payment was taking 10 days to cycle back.