Reprocussions of a Cooling Market

[Kent M.]

Hello All, 

I'm still very new to to investing so excuse my lack of proper education. 

I live in Orlando where prices have sky rocketed in the past year. All my friends are telling me it's a bad time to buy a house but I know, as long as a I run the numbers and run them conservatively it'll be okay, right? But it did get me thinking, what kinds of things should I look out for when the market calms down?  

I'm assuming the amount I can rent the unit for (mostly looking at SFR and multi family) will go down? How much could it go down? Could the value of the property plumment? So should I lean towards putting more money down? or keep more in reserves? And at what point would a lender try to foreclose a house? When the LTV gets too bad? or just if I can't make the payments?

Anything else to take into consideration in my calculations before pulling the trigger on a house?

Thanks in advanced!

Kento