Jeesh, it's a bummer that big banks can still get away with the good 'ol bait-n-switch tactics, even after the crash. :/ And now that you mentioned it, I think I remember on the podcast that the guest said it is some kind of ARM loan.

Our rental is in Waterford MI and after the housing crash Waterford created a "Rental Property Annual Operating Fee" of $50.00-$25.00 a unit for all SFH & Apartments (high density per building is less but still $200.00 for a basic 4 unit building. 

This is more art than science but you could calculate what you need to have a 6-12 month emergency fund should the unexpected happen (job loss, economic crash, etc.) and keep that amount liquid or available.  

Getting into a deal with low equity, basing it on appreciation is highly speculative and is precisely what caused the 2008 crash, or at least was a factor.

We did quite well until the world went on its A&&& and came crashing down in 08   ERGO I still work and am on BP  prior to that we were printing money and my staff ran the buseinss for me  LOL

Do you think this is a sign of another crash for real estate?

Most people prefer the idea of money-now in their hands, even if it's a couple hundred dollars a month -- rather than wait a little longer for a much bigger payoff.You can cite all the historical occurrences of a market crash you want, but the overall trend is still one direction: UP.

I understand flippers have it the worst during a housing crash, but what about the buy and hold guys?

A slip and fall of child or hi earning person where the insurance does not over the cost of the injury or possibly a death, they could come after you personally. a car or plane crashing into the property that would be in excess of the insurance that you purchase.

Should an investor wait for the market to "crash/correct" to get those great deals?