Your concerns regarding inflation are valid, but most experts agree inflation is several years out at least.

How do you balance leveraging debt with minimizing risk, especially in the current market conditions?

This gives you legal cover if something happens, but the risk of something happening still remains.I haven't replaced receptacles with GFCIs except where required by code.I always do #1 at about $27/receptacle hired out.

I've never done student housing on the landlord site, but I did live in a house with 7 bedrooms and an apartment out back that used to be the detached garage.Overall, a positive experience, but here are a few things to consider:1) You want everyone signed "jointly and severally liable" for the rent.

adults=1&...I have had interest from several people who want to "get in on the next one" . 

I had someone else go look at it for me and thought it wasn't worth the risk since I don't have a reliable team in Cleburne yet (working on it now). 

Now banks see me as a risk worthy of high interest rates! 

This would be considered a political risk, and you should assign more risk to an area with more rules.

AND - full disclosure -  I am a lender and lend in in several states to Include CA. 

Not worth the risk of ruining the relationship if things go south