This has been happening for some time. Many are cash buyers chasing yield and are using property managers. You can’t manage remotely, and you still have issues even if your property is professionally managed. This is not so much a repeat of the boom years, as it’s not chasing appreciation, but yield. Many will sell even if they just beak even, if better alternative investments emerge. Some may retain an exposure to RE for diversification, as was the norm anyway. I agree short term plays in places like CA are fraught, and you may have missed the boat if you didn’t buy two years ago.

There is no such thing as a casual investor in RE. Even with healthy rent ratios, and manageable fixed costs, the unexpected can/often does happen. Heavy expenses can wipe out your margins at the flick of a switch. Rogue managers, neighbors from hell, huge hikes in local property taxes. My biggest mistake was not managing my managers. Be firm and have exit strategies.