So the crisis was averted.

The city council formed a task force to address the crisis.

thanks Brie, property is located on the Northside of chicago, Avondale to be specific, the building pays for it self and has good equity but, I do feel the market is a bit inflated... would it make sense to sell it i.e. take the money and run so I can use cash for my next deal or leverage i.e. cash out refi. to buy more properties and hope we don't have another crisis.

During the financial crisis....I started buying stocks heavily in 2009.

During the crisis in 2008, some tenants were just barely making it and some magnanimous landlords agreed to waive any reconciled balance due.

Hemet is only 90 miles from LA,has a population of about 90,000 and is close to 2 major employers( casinos )The area also has a good size senior population and the town is still recovering from the foreclosure crisis but there has been a lot of sales due to the lower prices as compared to LA.You have to filter the listings and view the short sale,foreclosures and straight sales to get an accurate picture.As an investor you need to stick to your criteria and then search Hemet to evaluate what is really going on beneath the surface .

Instead, he can put his money in an index fund, such as the SPX (S&P 500), especially now that it is down due to the Greek crisis and (less so due to) China's stock market collapse.  

Will Greece be able to get their public debt crisis under control or face complete ruin?

Rents are up 30-60% in Richmond since the crisis.

Since one is not able to see it, then one can get into a financial crisis if the property turns out to be really worthless.