My wife and I did a live-in rehab of a home in Colorado back in 2008-2009 and can relate that time and rehab budget estimates can get away from you quick...especially your first time out. 

For the most part, I don't think the major risks are as related to a general market crash as much as they are the specific market the properties are located in.

Cash>Check>ACH>Credit card.Credit card: Disputable up to 90 days by the click of a button with minimal verification relative to the other methodsACH: Disputable up to 60 days by informing the bank in writing (and with a higher level of verification by the bank)Check: Disputable up to 30 days after the customer’s bank statement is issued and requires the customer to prove fraud or identity theftCash: is king - however the chances of getting your tenants to send you cash every month is nilThe goal of any investment is to reduce risk (or be duly compensated for accepting additional risk).

-I could in theory sell this place and put the 200+K in equity as a DP on another property that has acreage and thus I would have an ideal home and a relatively small payment still, assuming I buy a place for 500K or so.

Of course, you could also ask the potential tenant if they could use a relative's email so that you can run the premium screening.

You can have as many credit inquiries as you like in a 14 day period as long as they are MORTGAGE related. 

We are still relatively new investors (started in 2014) but we'd be happy to share what we know.

Is your major business related?

Politically it is not a good look if the US spends to provide Mexico better sewer treatment and fix the related issues.Last I was at the IB pier the pier did not have a commercial resident. 

Plus - multifamily supply growth is relatively stagnant (other than Dean Weidner's new deals near the River) - and skyrocketing single family home prices in the Wenatchee Valley are making high end new multifamily apartments relatively more attractive.