So...The instant choices boil down to whether the "farmer investor" wishes to create an immediate "taxable event" by selling now, (with minimal tax-bite because of a recent "stepped up basis") and banking the cash for more investment purchasing flexibility in the event of a major crash in real estate and currency values, or...Entering into a tax-deferred 1031 exchange now?

This world is completely foreign to the world they (banks) formerly operated in leading up to the crash.

Nobody knows what will be in 5,10,20 years from now2)The property gets out-dated and people don't want to rent there.3)The economy crashes again (BUT, people still need a place to live.....so, I'm not too concerned by this as long as I didn't buy in a speculative bubble (like 2003-2007)But, too offset these risks you have to have a solid plan.  

Which is great in a crash, because they don't crash as hard if at all, but they don't grow as much either. 

Nobody has brought up the fact that it was THE BANKS that completely lost their collective minds, made money too easy, ran up housing prices for a payment myopic public, and then crashed the system.

Now I have no mortgage and a line of credit on my home that I can use for other investments.I couldn't have predicted all this when I made my initial "investment" in the house; a lot of this scenario played out because of the housing crash.

Way before the market crashed.

You’d expected that prices would have crashed in Mexico’s main holiday destinations because of the pandemic.

Higher speeds, elevation changes, multiple ways to crash and hurt or kill yourself. 

Some places in California had a big run up in prices before the crash in 08 but I would think the more remote rural areas were similar to parts of the midwest that showed more steady sustainable grown It may still be possible to find cash-flowing properties in Sacramento and Stockton.