There is not going to be any equity there and you're going to end up in a negative equity position if you purchase right now and your cash flow is going to go away as the market collapses.

Then get ready to go into the deals that are going to make you a lot of money based on the future market collapse.

Foreclosures is laughable, I have heard those same apocalyptic hopefuls talk on this too but fact is short of alien invasion there is nothing to make a 08/09 collapse repeat.

If the market collapses tomorrow and that house becomes worth $50k, you can walk away with very little cost to you (besides the credit ding, but that's beyond the scope of your question).

Is that the real estate downturn, or the oil downturn, gold downturn, silver, hog bellies or whatever they're trading an hour or so south of me in Chicago  . . . and of course for all of those downturns, you can find the exact opposite predictions from SOMEONE for anything and literally you could spend all of 2017 watching non stop youtube videos, listening to "financial whiz" podcasts and interviews, there's the screaming "I'm bald but refuse to do the shave your whole head trend since I'm too busy screaming about stocks all of the time" stock dork on CNBC or wherever he is (maybe MSNBC-oh wait, they've got the entire on air staff on 24/7 suicide watch since the election results came in at MSNBC) Anyway, point is that you can literally find someone pushing ANY prediction and what is also very troubling is that MANY who push the "downturn" scenarios and ESPECIALLY the "major downturn" or even the incredible # of "global economic collapse is any day now, might even be tomorrow!!"

I am under water on my first buy with them as a result of this and the rehab costs, I wont be able to fix the termite damage only do cosmetic stuff as any other way the place is a teardown,collapsing roof collapsing floors all window frames rotten,etc.

I would call for a camera inspection of the main line, the cost $230, a collapse sewer line could run $5000+ for a replacement or $2000 per partial replacement repair.

At this time with the low interest rates on 15 year Loans, you can look towards a quicker pay off period and growing your Value in the property as long as this Real Estate Market does not completely collapse again.

If they exist, I'd like to incorporate strategies that insulate my assets against the potential threat of economic collapse, although I realize losses are inevitable.Short term I'd like to flip my first house.

Like @Mike F. said the market could change, the dollar could collapse, and then it could be much more difficult to get credit/financing.