I sought out a mentor, escaped a pyramid scheme, learned about my parents' rental property (mostly the headaches endured), and have since entrenched myself in RE- and entrepreneurship-related readings, podcasts, discussion, and thought processes.My original plan was to move to Florida with a friend, buy a multi-family, have tenants pay mortgage via rent, etc. 

My own background is in high-tech, and although I don't agree with a lot of the brainwashing they make you endure during 4 years of university (and afterwards in industry), I will have to say that becoming an engineer/software developer is one of the best majors you can graduate with because you get a lot of "bang for your buck".

The hot areas would probably endure.

For instance, how would you fare financially if you discovered tree roots had compromised the sewer line (~$3500 repair) and soon after your tenants stopped paying rent and by the time you evicted them and got new tenants in you endured four months of no rent payments coming in?  

Education and Experience Are Critical to SuccessThe real estate profession is extremely complex with many intertwining segments.Because of the complexities of the real estate business and the need to be more competitive by knowing more, education is critical to enduring success in any business - especially in real estate.

Usually no inspections of the property either, if this is your first one I would research as much as possible on the property, lender(sometimes you can contact them and get info with a little creative sleuthing), title etc.  

You may have to do some sleuthing to track down the owner if the address is the same as the foreclosure that they are not living at.  

The market will correct itself for sure but IMO the City will endure as we are talking about the national and global population who I am sure will jump right in during this deleveraging downturn.

The one we ended up purchasing was one a fellow had bought to clear a lot for his cottage ... it had had endured a comparatively easy life.

Without a NNN tenant (or several NNN tenants in the case of a multi-tenant property), you'll endure a period of lost rental and expense reimbursement income.