Not sure if a bankruptcy would change the parameters or not but that may be a better option for the seller. yes if the bank reports the debt as forgiven.. there is an IRS form though you can file with your tax's that says your broke.. then you don't own the tax's on the forgiven amount.. during the crisis IRS postponed this so no one got that treatment but that sunset and now short sales or debt forgiveness needs to be calculated …. the forgiven debt is tax as ordinary income so a 1 mil forgiveness could be a 300 to 400k tax bill..

Every economic cycle is different and it is highly unlikely that we will see the same set of factors that created the housing crisis in 2008.

Honestly, with a 50% downpayment you would've survive the 2008 crisis (in most areas).

Coupled with rapid population growth, it’s driving an affordability crisis that leaves many residents looking for homes far from job centers and essential services."

They are going to allow for a month lease, so crisis averted! 

When all the other real estate markets were dropping 25-50% during the last mortgage crisis between 2006-2011, Nashville market just dropped 9.1%.

My long term real estate goals for this area are to be influential in helping figure out our low income housing crisis here, so it would be awesome to connect with any like minded people.

That only happened in the past few years in FL because of the 2008 crisis.

Then if X or Y happens, I've thought through the matter ahead of time rather than trying to figure it out as the crisis unfolds.

Again, personally, if i was self managing I would want it to be local to me, that way I can swing by that day when I run an errand or on the way home from work, or if there's a crisis I'm 30 minutes away and it doesn't ruin a whole Saturday.