Buy and Hold strategy in a failing market

[ISI O.]

Hey guys, I have a question about buy and hold strategy in a down market:

Taking the recent RE market crash of 2008 as an example, it seems to me that if that situation were to ever repeat itself, buy and hold REI may find themselves in a pickle, right? I mean, if an investor has maybe 20 multifamily properties that suddenly see high vacancy rates because people cannot afford higher rents, then he/she is stuck paying mortgages on 20 properties. And if one does not have deep pockets, then such a person would quickly find him/herself facing foreclosures on multiple properties. I'm sure folks have made this doomsday prediction (however seemingly unlikely)!!

Would folks kindly share what they'd do in that situation? I just like to know what exit strategies are tenable in such a situation. I pray it doesn't happen but one must plan for the worst while hoping for the best, right?

Thanks in advance!