Should wait or back out now that we are likely heading into a RE correction or crash?

If you should wait for housing prices to come down before you invest.If you should sell your investments now before prices drop.Though I can't provide answers to your questions directly, I can provide data from our last crash in 2008-2009 that will hopefully guide you as you make your investment decisions.  

Back in 2008 stock market crash, I jumped in and was greedy when Dow Jones fell 30% from about 14000 to 98000.  

@Richard Howard I am a land investor (3 years) and here is what I'm hearing from the "gurus" who were around during the last market crash.  

Watch the Stock Market, who is trying to crash the market so they can buy low?

What were the highest cap rates during the 2008-09 Crash?

If the RE market is crashing and banks have to deal with a growing number of foreclosures and lending related losses, they will probably apply stricter limitations and conditions for borrowers and usually this type of limitations are applied to investors first: lower LTV, higher interest rates, more reserves required, etc.- My expectation is that homes prices will drop faster and further relative to rent prices so a higher interest rate may not inhibit our ability to refinance and make BRRRR work.

Humorous, in a sad way, last time I bought a house was right at the start of the 2008 market crash. 

I have been waiting on a crash to get into rentals and still want to purchase rentals when prices fall quite a bit. 

The only adjustment we are making is waiving late fees for tenants who have always been on time with their payments and are in a crash crunch.