"oh we will refinance out when the rates decrease, totally not worried about it."

In Arizona, I’ve seen a large decrease in people going to meet ups now.

And what happens if the values of the properties you buy don't increase or actually decrease?

Same said when borrowers attempt to “game” the system, such as filling tenant “vacancies” with leases to an entity the borrower controls made to look like an arms length lease; filing extensions for tax returns so as to not have to provide negative financial information; “creative” financial statements that inflate revenue or decrease expenses; create third party property sales to related parties to establish a higher property value; provide personal financial statements that don’t list all liabilities; or list assets “borrowed” from a third party/. 

refinancing costs money - typically thousands of dollars - so typically you need a large decrease in rates, not just a quarter or half point.but let me know if i am missing something...

@Debra Orringer There are states with population increases and decreases. 

In the event the property experienced a substantial increase or decrease in value during the term, one of the two would be unhappy.

IF incomes are decreasing, property values and rents will soon follow.

First, Google "cities with decreasing populations"I figured Jackson, MS was a place I'd never want to live.

You can find higher ROI (on paper) here and probably in other cities…but the probability of actually collecting rent significantly decreases.