Based on the length of the cycles, historically, the answer is that we are coming due for a correction.  

I have an excellent opportunity to purchase an historic 1920s home on main street middle of downtown zoned residential and selective commercial use.

The Perfect Investment: Create Enduring Wealth from the Historic Shift to Multifamily Housing by Paul Moore - I enjoyed this because it outlines the merits of multifamily relative to other investment options.7.  

Land acquisition, planning and zoning, plans and specs, contractors (historical costs per square foot to build) and then figure out how to re position the building to fit the current needs in the community.  

. - The quality of the building (historical building, passive building, skyscraper, etc).- The quality of interiors, flooring, kitchen, bathrooms.. and how they differ from the qualities of the surrounding properties.For example, investors who have been around a certain local real estate market long enough have a very precise idea of what's the value of a sq m of an apartment (condo) for total renovation.

Nothing can substitute a hard estimate based upon historical numbers.

Here is the another thing when compared historically, the top 3 cities in the nation for total profits ( cash flow+equity gains) are LA, SF and San Diego since 2000 so when that math is measured longer term many will have experiences like your friend in the long term returns dept.

I’ve collected historical data on as many DST deals and TIC deals as I can from multiple sponsors.

So when I told them I gladly accept service animals and emotional support animals, then went on to tell them their respective definitions and how I just need to have them provide a doctor's letter for me to call and verify, they never bother to follow through with the application.But going back to whether multiple ESAs are legal, I did a search and there doesn't seem to be specific clauses on HUD about whether multiple assistance animals are OK, but I found this:Michigan State College Of Law Animal Legal and Historical Center FAQ on ESAAt least this is the interpretation from a legal profession and on item #14 of the FAQ:14.

I have one for sale in the Historic District in Phoenix with no HOA.