I also evaluate what the risks are if/high likely they will be too pull out. we buy depressed housing at reduced rates with a history.

This recovery is certainly more sluggish than the last few but the last recession was the deepest since the great depression in the 20's.

I was able to acquire in some of those areas in '10 - '11 when prices were really depressed.

The callable 1 year mortgages were one of the fixtures of the Great depression, that one in the 1930s.

But they both said it would be "unethical" to insure them for less than replacement value.I figure that there have to be other owners of rental properties in depressed areas who can give us some advice.  

It may be a nice house in a bad neighborhood or maybe the whole area is so depressed there is no rental income available. 

@David Roberts I do expect to do well with the $1500 a month rent house for "very" specific reason.Cost $150k- While the house is worth 200k if all goes well I will close on it for 150k, as it is a depressed short sale. 10k Renovation Cost- Since it needs work I will be able to renovate it to be a low maintenance rental.

You may see a dollar crash in the next month to 5 years, let alone a depression.

Amazingly, this market is turning all of us debt mongers who lived large on leverage into our grandfathers and great grandfathers who survived The Great Depression and then paid cash for everything.

Forced onto the American taxpayer, politicians claimed the Bailout was mandatory to, at minimum, delay the largest financial crisis since the Great Depression.