As a California home builder during the early 1990s, I experienced first-hand the boom-or-bust cycles of residential construction. So when I moved to Lincoln, Neb., later in the decade, I began building one or two small rental properties per year, which I hoped would help insulate my business from those inevitable cycles. My strategy proved at least partly successful: Even though the recession of 2008 wiped out my home-building company, my apartments have provided a significant financial cushion that helps keep me afloat.If you’ve been thinking about building or buying a rental property, this may be a good time to...