So, given that there was a crash 10 years ago (and some people forecast another big one soon) and there are plenty of investors that do ultimately fail in healthy economic times, what does that look like, and how do you recover?

We use it every day in the Denver market to arrive at a beginning estimate of value.

Essentially what @Omar Khan is trying to explain is that the high prices are due to very high demand and the only way that the market will collapse is if the demand disappears, which I cannot see happening with our high immigration rate and while ever everyone still only wants to live in the capital citiesDon't be fooled by the media speculation and articles posted on news sites etc about the "bubble burst" and "housing crash". 

But after being burned in 2008 after I bought my first rental property I was done with real estate investing after that crash.  

Day 90: After a few weeks, our court date arrives.

I have money though and I have rentals so I understand bookkeeping and managing tenants etc. but when i bought it was after crash so, it was easy.

With continual increases in Utility costs it’s an area that is many times ignored until an issue arises or a big bill arrives. 

I personally won't be buying anything until the crash happens and the bottom is found, but tons of other people think there is still a lot of room left for growth.

As you know, we'll probably both make more money buying multi units in Central Maine vs. vacation rentals any day, so even buying a few VRBO's here and there for fun and to  have a place to crash doesn't really make alot of financial sense.

After it all crashed and the market flooded with foreclosures the surge of DIY flipping hit the TV in conjunction with a viewer apatite for "reality TV".