I have definitely heard some concerns from others about the possibility of the housing market collapsing before the end of the year for all the reasons stated by others in this thread.I agree that it is time to tread lightly, however I think if you make sure you are still buying low, and you are very conservative in your ARV, you should be ok.

When the dotcom bubble collapsed in 2000, did California real estate prices crash along with it? 

In the case that the market collapses to a substantial level never seen before, the bank can't eat me alive or throw me in jail, they'll simply foreclose the property; and because I contribute minimally, my loss is next to nothing. 

I bought through the 2008-11 real estate collapse and recession, and it was anxiety-producing, but the B & C class properties I invested in were surprisingly resilient. 

So if something like what happened in Detroit occurs, and the city just collapses, or a tornado destroys a city, etc, it may affect my holdings in that location but my other income sources would be protected.

While I did minor flips overseas and learned a lot of handyman game before the housing collapse, our first rental was in 2011, I think.