Lending here was completely reckless prior to the crash.

so moving to Houston or just a place to crash when you visit?

The write-offs are all items I got out of this article:https://www.landlordology.com/tax-deductions-for-l...In terms of going upside down on the loan, that is not a concern; prices here barely move at all in either direction (even during the housing crash) and I've got about 40% of the total value of it in equity right now.So it sounds like the thought so far is that it isn't worth it for equity appreciation and unless I can develop numbers that will show a positive cash flow, it is probably better to sell.  

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.